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The USD/JPY pair maintained its bullish trend, reaching the initial target of 154.00 and recording a high of 154.35.
From a technical standpoint today, a cautiously positive outlook prevails. This is supported by the ongoing influence of the bullish technical pattern visible on the 4-hour chart, along with continued support from the simple moving averages providing upward momentum.
As long as trading remains above 152.70, the bullish trend is expected to persist, with 154.10 as the next target. Breaching this level would further strengthen the upward momentum, paving the way for a move toward 154.85.
Conversely, breaking below the 152.70 support level would invalidate this scenario, prompting the pair to retest 152.40 before attempting to resume its upward movement.
Alert: Significant market volatility is anticipated today with the release of critical U.S. economic data, including the interest rate decision, Federal Reserve statement, economic forecasts, and the Fed Chair’s press conference.
Warning: The risk level remains elevated amid ongoing geopolitical tensions, and all scenarios are plausible.
Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.
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