JPY waiting for a new signal 23/10/2023

A gradual rise to the top has characterized the USD/JPY pair’s movements, building on strong support of 149.00, the pair has been trying to penetrate the resistance level of the psychological barrier of 150.00, but it has been unable to do so far.

On the technical side today, we tend to be cautiously positive in our trading, relying on the positive motivation from the simple moving averages and positive momentum signals on short time intervals.

We prefer to witness a clear and strong breakthrough and price consolidation above 150.10, as this motivates the door towards 150.50 and 151.00, respectively.

Stability and price consolidation again below 149.45 postpones the chances of a rise, and we may witness a bearish bias whose goal is to retest 149.00. Note that sneaking below 149.00 may stop the upward trend and lead the pair to enter a downward correction with goals of 148.60 and 148.30.

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: 149.45	R1: 150.10
S2: 149.00	R2: 150.50
S3: 184.60	R3: 151.10