JPY continues to hit the targets 17/8/2023

The dollar-yen continued to achieve noticeable gains within the expected bullish path during the technical report for yesterday’s session, touching the official targeted station at 146.50, recording its highest level at 146.56.

On the technical side today, with the continuation of the positive impact of the bullish technical pattern, which supports the possibility of obtaining more increases during today’s session, in addition to the continuation of the pair obtaining a positive incentive from the simple moving averages that continue to hold the price from below.

The bullish trend is the most likely during today’s session, targeting 146.85 as the first target, noting that its breach enhances the chances of continuing the rise, as we are waiting to touch 147.35, the next official station, whose targets may extend later towards 148.00.

Only from below, the return of trading stability again, below the strong support floor 145.60, delaying the chances of ascending and leading the pair to enter a bearish correction, aiming to retest 144.80, before attempting to rise again.

Note: Today we are awaiting high-impact economic data issued by the US economy, “unemployment benefits” and 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: 145.60	R1: 146.85
S2: 144.80	R2: 147.35
S3: 144.30	R3: 148.10