Japanese yen is facing a bullish rally 9/8/2023

Positive trades dominated the movements of the dollar/yen pair yesterday, benefiting from the return of stability in intraday trading above the psychological barrier of 143.00, recording its highest level at 143.50.

Technically, by looking at the 240-minute chart, the simple moving averages continue to support the daily bullish price curve, motivated by the clear positive signs on the RSI, which settled above the mid-line 50.

During today’s session, the bullish bias is more likely, targeting 143.65 as the first target. It notes that its breach enhances the chances of continuing the rise, as we are waiting to touch 144.10/144.00 as the next official station.

a Decline below 142.60 will immediately stop the suggested scenario and lead the pair to negative pressure, to retest 141.90.

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: 142.55	R1: 143.65
S2: 141.90	R2: 144.10
S3: 141.40	R3: 144.70