Japanese Yen extended its gains 10/8/2023

The dollar-yen pair continued to achieve gains within the expected positive outlook, touching the official target station during the previous report at 144.00, recording its highest level during the early trading of the current session at 144.00.

On the technical side today, we find a bullish technical formation that supports the possibility of continuing the rise, in addition to the pair continuing to receive a positive impulse from the simple moving averages that continue to hold the price from below.

The bullish bias is more likely during today’s session, targeting 144.30 as the first target, noting that its breach enhances the chances of continuing the rise, as we are waiting to touch 144.60, a next official station, and the gains may extend later towards 145.00.

Only from below, trading stability returns below 143.30, delaying chances of an upward, and leading the pair to retest 142.65 before attempting to rise again.

Note: Today we are awaiting high-impact economic data issued by the US economy, “Consumer Price Index” and “Weekly Unemployment Claims”, and we may witness high price volatility.

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: 143.30	R1: 144.30
S2: 142.65	R2: 144.65
S3: 142.25	R3: 145.30