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Calm trading dominated the movements of the USD/JPY pair without any change, maintaining negative stability below the psychological barrier resistance level of 149.00.
On the technical side today, the pair’s intraday movements witness the return of trading stability below the previously broken support-into-resistance level of 149.10, and most importantly 149.30, accompanied by the pressure of the simple moving averages on the price from above, and the 50-day average meets near 149.10, adding more strength to it in addition to the negativity of the Stochastic indicator.
From here, with the price remaining below the extended resistance 149.30/149.10, we may witness a bearish tendency aimed at retesting 148.00/148.20, a first target, knowing that sneaking below the level above will lead the pair to conduct an additional bearish correction, with targets reaching 147.70, as long as trading remains stable below 149.30.
Note: Today we are awaiting high-impact economic data issued by the American economy, Producer Price Index and Results of the Federal Reserve Committee Meeting, and we may witness high volatility when the news is released.
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.
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