JPY waiting for a signal 18/10/2023

The technical outlook remains unchanged, and there has been no significant change in the dollar/yen’s movements within the sideways price range between 149.00 and 149.80.

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, which would open the door to 150.50 and 151.00, respectively.

Price consolidation again below 149.00 invalidates the activation of the bullish scenario. It leads the pair to the official path within a bearish correction procedure, with an initial target of 148.65 and extending towards 148.30.

Note: The stochastic indicator is near overbought areas, and we may witness some fluctuation before obtaining the official direction.

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: 149.00	R1: 150.10
S2: 148.30	R2: 150.50
S3: 147.85	R3: 151.10