JPY touches the desired target 27/10/2023

The USD/JPY pair achieved the first upward target during the previous technical report at 150.60, recording its highest level of 150.77.

Technically, with the pair successfully confirmed the breach of the psychological barrier resistance of 150.00, in addition to the clear positive momentum signals on the 14-day momentum indicator, accompanied by the price obtaining a positive stimulus from the simple moving averages.

This increases the possibility of continuing the rise, provided that we witness a breach of 150.70, which extends the pair’s gains so that the way is immediately open towards 151.20, a next target, and the gains may extend later to visit 151.60, an official target for the current upward wave.

Below 149.75 can completely foil the proposed scenario and may lead the pair to make a bearish correction, with targets starting at 149.40 and 149.00.

Note: The stochastic indicator is negative and we may witness some fluctuation until we obtain the expected trend.

Note: Today we are awaiting high-impact economic data in the US, the Core Personal Consumer Expenditure Price Index and we may witness high 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: 149.75	R1: 150.70
S2: 149.40	R2: 151.20
S3: 149.00	R3: 151.60