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The USD/JPY pair continues to advance over several consecutive sessions, reaching the final peak around the psychological barrier of 148.00, recording its highest level of 147.95.
On the technical side today, the simple moving averages continue to support the upward curve of prices, accompanied by clear positive signs on the Relative Strength Index.
From here, as the pair maintains stability above 147.30, and in general above 147.00, there may be a possibility to continue the upward trend, provided that we witness a clear and strong breach of the psychological barrier resistance level of 148.00, targeting 148.30 and 148.70, official stations whose targets may extend later towards 149.00.
From below, confirmation of breaking the psychological barrier support level of 147000 can thwart the proposed scenario, and we are witnessing a retest of 146.70 and 145.40 before attempts to rise again.
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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