JPY attacks the psychological barrier 16/10/2023

Positive trading dominated the movements of the USD/JPY pair at the end of last week’s trading, approaching the psychological barrier resistance level of 150.00, recording its highest level of 149.82.

On the technical side today, we tend to be positive in our trading, but with caution, relying on the positive motivation coming from the simple moving averages and signs of positive momentum on short time frames.

We prefer to witness a clear and strong breakthrough and price consolidation above 150.00, as this is a motivating factor that opens the way towards 150.30 and then 150.80, respectively.

Trading stability and price consolidation again below 149.30 invalidates the activation of the bullish scenario and leads the pair to the official path within a bearish correction procedure, with an initial target of 148.65 and extending towards 148.30.

Note: Stochastic is around oversold areas and we may witness some fluctuation until we obtain the desired direction.

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: 149.00	R1: 149.90
S2: 148.60	R2: 150.30
S3: 148.15	R3: 150.80