JPY may witness a temporary decline 30/8/2023

The dollar-yen achieved the expected positive outlook, touching the official target required during the previous trading session at 147.20, recording its highest price at 147.37.

On the technical side today, we find the pair quickly retreated to the downside due to colliding with the resistance level represented in the target. We also find that stochastic started to lose bullish momentum gradually.

We may witness a bearish bias in the coming hours, aiming to retest 145.50, considering that the decline below the mentioned level constitutes a negative pressure factor on the pair, to initially target 145.00, before attempting to rise again.

Crossing upwards and rising above 147.15, the pair will resume the official bullish trend, with initial targets starting at 148.10.

Note: Stochastic tends to be negative.

Note: Today, we are awaiting high-impact economic data issued by the US economy “ADP Employment Change” and “the preliminary reading of the GDP” quarterly, and we may witness a high fluctuation in prices at the time of the news release.

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: 145.50	R1: 147.15
S2: 144.70	R2: 148.10
S3: 143.75	R3: 148.85