JPY is Waiting for a signal to move 25/10/2023

The USD/JPY pair achieved only the first target to be touched at 149.40. It recorded its lowest level during the previous trading session at 149.45, which formed a good support level that forced the pair to maintain positive stability.

Technically, with a closer look at the 4-hour chart, the simple moving average supports rising opportunities and positive momentum signals in short time frames.

We tend to be positive as long as trading remains above 149.40, but it is preferable to witness the breach of the main resistance of the current trading levels 150.10/150.00, which will extend the gains to 150.40 as the first target and then 150.70 as the next stop.

Trading stability and price consolidation again below 149.40 will stop the chances of rising and force the pair to enter a downward correction with targets of 149.00 and 148.65.

Note: Today, the markets are awaiting high-impact data issued by the Canadian economy, represented by the Bank of Canada’s monetary policy report, interest statement, and interest rate decision, in addition to the speeches of the chairman of the Federal Reserve and the European Central Bank. We may witness fluctuation in the markets during the release of these data.

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: 150.40
S3: 148.60	R3: 150.70