JPY maintains positive stability 29/8/2023

The dollar-yen pair achieved the positive outlook as we expected, touching the first target achieved during the previous trading session at 146.80, recording the highest at 146.76.

On the technical side today, we are leaning towards positivity in our trading, depending on the stability of trading above 145.90, accompanied by the continuation of the pair obtaining a positive impulse from the simple moving averages and the clear positive signs on the 14-day momentum indicator.

Therefore, the bullish trend remains the most likely during today’s trading session, continuing towards the remaining targets of the previous analysis, 146.80, the first target, knowing that its breach is a catalyst that extends the pair’s gains, so that we are waiting for touching 147.20 as a next stop, and the gains may extend later to visit 147.70.

Trading stability below 146.00, and most importantly 145.90 postpones the chances of a rise but does not cancel it, and we may witness a re-test of 145.40 before attempts to rise again.

Note: Stochastic tends to be negative.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 145.90	R1: 146.80
S2: 145.40	R2: 147.20
S3: 145.00	R3: 147.70