Noor Trends News, Technical Analysis, Educational Tools and Recommendations
During the previous trading session, the dollar/yen pair surged, aligning with the anticipated upward trend and surpassing the official target of 151.00, reaching its peak at 151.72.
From a technical standpoint today, as long as there’s sustained stability above the psychological resistance barrier of 151.00 and, more broadly, above 149.60, there’s a positive outlook. This optimism is supported by the positive momentum generated by the 50-day simple moving average, which continues to underpin the daily upward trajectory of prices.
Therefore, an upward trend is likely, especially if the price consolidates above 151.70. The initial target lies at 152.30, followed by 153.30 as the subsequent level. Further gains could potentially extend to 155.00.
However, if the pair fails to maintain stability above 149.60, a corrective decline might occur, with the first target set at 148.00.
A word of caution: Today, we anticipate the release of high-impact economic data from the American economy, including changes in jobs in the private non-agricultural sector, the ISM manufacturing purchasing managers’ index, the Federal Reserve Committee statement, interest rates, and the press conference of the Federal Reserve chairman. Expect significant market volatility upon the release of this news.
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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