Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The USD/JPY pair found a good support floor near 146.45, which forced it to achieve an upward rebound and return to positive stability above the 147.00 resistance level, explaining that the price’s consolidation above the mentioned level will immediately stop the proposed bearish scenario to retest 147.65, recording its highest level during the early trading session today at 147.44.
On the technical side, today the simple moving averages returned to hold the price from below, supported by the clear positive signals on the Relative Strength Index on short time frames.
From here, with the pair maintaining stability above 147.00, it may be possible to continue the upward trend that began yesterday, targeting 147.70, and breaching it is a motivating factor that enhances the chances of visiting 148.00.
From below, confirmation of breaking the psychological barrier support level of 147.00 can thwart the proposed scenario, and we are witnessing a retest of 147.70 and 147.40 before determining the next price destination.
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.
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