JPY continues to advance 16/8/2023

The dollar-yen achieved the first bullish target published during the previous technical report, located at 145.65, recording its highest level at 145.86.

On the technical side today, with the continuation of the positive impact of the bullish technical pattern, which supports the possibility of continuing the rise, in addition to the continuation of the pair obtaining a positive incentive from the simple moving averages that continue to carry the price from below.

The bullish bias is more likely during today’s session, targeting 145.65 as the first target, noting that breaching it enhances the chances of continuing the rise, as we are waiting to touch 146.00, the next official station, whose targets may extend later towards 146.50.

Only from below, the return of trading stability again below 144.70, delaying the chances of ascending and leading the pair to enter a bearish correction, aiming to retest 144.20 and 143.70 before rising again.

Note: Today we are awaiting high-impact economic data issued by the US economy, “the results of the Federal Reserve Committee meeting,” 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: 145.10	R1: 145.85
S2: 144.75	R2: 146.20
S3: 144.20	R3: 146.60