Noor Trends News, Technical Analysis, Educational Tools and Recommendations
During last Thursday’s trading session, the dollar/yen pair made positive attempts, moving away from the support level of 147.50 and reaching a peak of 148.65.
From a technical standpoint today, we lean towards a positive outlook, supported by the Stochastic indicator’s attempts to gather momentum on the 4-hour interval. Additionally, daily trading has remained above the 147.60 support level.
Thus, there is a possibility of an upward trend emerging today, with an initial target set at 148.80. Breaking this level could further boost the pair towards 149.35.
Conversely, if trading stability returns below 147.60, it would halt the anticipated upward trend, putting the pair under negative pressure with a target set at 146.90.
Warning: The risk level may be high.
Warning: Today’s trading session may witness high fluctuations in prices due to the release of high-impact economic data from the American economy, including the New York State Manufacturing Index and the preliminary reading of the Consumer Confidence Index issued by the University of Michigan.
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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