JPY retests the target 21/8/2023

The dollar-yen reached the expected re-test target during the previous trading session at 144.90, recording its lowest level at 144.90, to return to the bullish bias. It is currently trading around 145.30.

On the technical side, today the 50-day simple moving average formed a good support floor, meeting around 144.90, adding more strength to it and the 14-day momentum indicator’s attempts to gain bullish momentum.

Resuming the bullish path is still valid and effective, provided that the breach of 145.50 is confirmed, and that clears the way for the pair to visit 145.85, the first target, and then 146.30, the next station, whose targets may extend later towards 146.70.

The return of trading stability below 144.50, puts the price under negative pressure, aiming to re-test 143.70.

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: 144.90	R1: 145.85
S2: 144.50	R2: 146.30
S3: 143.70	R3: 146.80