USD/JPY: Negativity remains 31/8/2023

The USD/JPY pair achieved the retesting of 145.50, recording its lowest level at 145.55.

On the technical side today, the Stochastic indicator still provides negative signals. It gradually loses upward momentum, stimulated by clear negative signals on the Relative Strength Index on short time intervals.

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 146.50 leads the pair to resume the official upward trend with initial targets starting at 147.00, and gains may extend later towards 147.50.

Note: Today we are awaiting high-impact economic data issued by the US economy, “Personal Consumption Spending,” and we may witness high price fluctuation when the news is released.

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: 146.50
S2: 145.00	R2: 147.00
S3: 144.50	R3: 147.50