Japanese yen needs additional momentum 11/8/2023

Positive movements continue to control the dollar-yen pair within the bullish context, as we expected, touching the first target to be achieved at 144.60, recording its highest level at 144.81.

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 holding the price from below.

During today’s session, the bullish bias is more likely, targeting 145.00 as the first target, noting that its breach enhances the chances of continuing the rise, as we are waiting to touch 145.80 as the next official station.

Only from below, trading stability returns below 143.70, delaying chances of an ascension and leading the pair to retest 142.70 before attempting to rise again.

Note: Today, we are waiting for high-impact economic data issued by the US economy, “Producer Price Index,” and “Initial Consumer Confidence”, and from England, we are waiting for the “Gross Domestic Product” indicator, and we may witness high volatility in prices.

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: 143.70	R1: 145.20
S2: 142.70	R2: 145.80
S3: 142.20	R3: 146.70