The Japanese yen continues to strengthen 14/8/2023

The Japanese yen continued the expected rise, touching the first target achieved during the last technical report, at 145.00, recording its highest level at 145.22.

On the technical side today, with the continuation of the positive impact of the bullish technical pattern, which supports the possibility of continuing the rise, in addition to the continuation of the pair obtaining a positive incentive from the simple moving averages that continue to hold the price from below.

During today’s session, the bullish bias is more likely, targeting 145.65 as the first target, noting that its breach enhances the chances of continuing the rise, as we are waiting to touch 146.00 as the next official station.

Only from below will trading stability return below 144.20, delaying chances of an ascension, and leading the pair to enter a bearish correction, aiming to retest 144.00 and 143.70, before rising again.

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: 144.50	R1: 145.30
S2: 144.00	R2: 145.65
S3: 143.70	R3: 146.10