JPY resumes the bearish correction 23/8/2023

The dollar-yen activated the retest scenario published during the previous session, approaching the desired target at 145.30, only to record the lowest around 145.50.

On the technical side, the pair witnessed a bearish trend due to touching the resistance of 146.20. Upon closer look at the chart, we find signs of negativity appearing on the stochastic, and it gradually lost bullish momentum.

We may witness a bearish inclination in the coming hours, targeting a retest of 145.30 as the first target, and breaking it may extend the losses, as we are waiting for the next target 144.60.

From above, it crossed upwards, and the price consolidated above 146.20, and most importantly, 146.55, leading the pair again to complete the bullish path, paving the way directly to visit 147.10 & 147.50.

Note: Today, we are waiting for high-impact economic data issued by the US economy and England, such as “Services and Manufacturing PMI”, and from Canada, later in today’s session, we are waiting for “Retail Sales” in addition to the summit of the “BRICS” group 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: 145.30	R1: 146.55
S2: 144.60	R2: 147.10
S3: 144.05	R3: 147.80