USD/JPY touches the official target of the bullish wave 26/9/2023

The USD/JPY pair was able to touch the first ascending target within the targeted ascending wave, touching the official target of 149.00, recording its highest level of 148.96.

On the technical side today, the 50-day simple moving average still supports the upward curve of prices, and this comes in conjunction with the positive 14-day Momentum indicator signals.

Hence, with daily trading remaining above 147.90, the bullish scenario remains valid and effective, provided we witness a clear and strong breach of the psychological barrier resistance level of 149.10/149.00. This motivating factor increases the chances of touching 149.40 and then 149.80, an official target.

Sneaking below 148.40 with an hourly candle closing below it postpones the chances of a rise but does not cancel them, and we may witness a bearish trend aimed at retesting 147.70 before attempts to rise again.

Note: Today we are awaiting highly sensitive economic data issued by the US economy, “Consumer Confidence,” and we may witness high volatility 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: 148.40	R1: 149.10
S2: 148.00	R2: 149.40
S3: 147.70	R3: 149.85