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The USD/JPY pair encountered substantial support at the 150.00 level, as indicated in our previous technical report. This key support level catalyzed a rebound, with the pair currently oscillating around 151.30.
From a technical perspective, the pair has regained stability above the simple moving averages, which have resumed their role in lifting the price from below. This is accompanied by positive momentum signals emanating from the 14-day momentum indicator.
We’re inclined towards a positive outlook, contingent upon the price consolidating above the main resistance of the current trading levels at 151.70. Surpassing this level could serve as a catalyst, bolstering the chances of an ascent towards 152.30 as the initial target. Subsequent gains could potentially extend towards 152.90.
On the downside, a return to trading stability below 145.50 could defer bullish opportunities, though not eliminate them. We may see a retest of the 145.00 level before the next price direction is determined.
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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