JPY needs to break the resistance 3/10/2023

The USD/JPY pair maintains positive stability, building on the strong support floor at 149.00 as part of continued attempts to achieve upward momentum.

On the technical side today, the pair is getting a positive stimulus from the simple moving averages that continue to hold the price from below, in addition to the return of positive crossover signals on the Stochastic indicator.

With the price above the psychological barrier support of 149.00, the upward trend remains the most preferred during today’s trading session, targeting 150.20 and 150.60, respectively.

Below 149.00 with an hourly candle closing below it leads the pair to enter a bearish correction wave whose targets begin at 148.40 and may extend to 148.00 initially.

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: 149.50	R1: 150.00
S2: 149.00	R2: 150.20
S3: 148.40	R3: 150.70