USD/JPY exceed the required targets 14/2/2024

The USD/JPY pair demonstrated a robust upward trend, surpassing the previously anticipated target and reaching a high of 150.88.

From a technical perspective, the pair remains stable above the 150.50 resistance level on the 240-minute chart, with the simple moving averages providing ongoing support from below. Positive signals from the relative strength index, which is holding above the 50 midline, further reinforce the bullish momentum.

As such, the upward trend is expected to persist, with a breach of the 150.90 level anticipated to strengthen and accelerate the upward trajectory. Targets for today include 151.15 and 151.80, respectively.

However, a drop below 149.50 would temporarily exert negative pressure on the pair, potentially leading to a retest of 148.60 before resuming upward momentum.

Warnings:

1. The Stochastic indicator suggests the possibility of overbought conditions, signaling potential fluctuations until a clear trend is established. Nonetheless, the overall trend remains upward unless the pair trades below 148.60.
2. High-impact economic data from the British economy, including the annual consumer price index and the Governor of the Bank of England’s speech, may lead to increased price volatility.
3. Traders should exercise caution due to the elevated risk level associated with market fluctuations.

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: 149.50	R1: 151.15
S2: 148.50	R2: 151.85
S3: 147.80	R3: 152.80