Noor Trends News, Technical Analysis, Educational Tools and Recommendations
An upward trend has successfully dominated the movements of the USD/JPY pair, in line with our expectations, with the pair reaching the second official target at the price of 155.45, marking its peak at 155.51.
From a technical standpoint today, upon closer examination of the 4-hour chart, we observe the pair maintaining its positive stance above 155.00, supported by the continuous positive influence of the simple moving averages.
With trading holding above the robust support level of 154.90, the bullish trend retains its strength, targeting 155.70 as the subsequent objective. Furthermore, breaching this level would further bolster the likelihood of reaching 156.00 as the next official station.
A decline below 154.90 would exert downward pressure on the pair, potentially leading to a retest of 154.45 and 154.00 before any renewed attempts at upward movement.
Today’s trading session may experience heightened volatility due to the release of key economic data from the American economy, including the Estimated GDP reading, pending home sales, and unemployment benefits. Traders should be prepared for significant price fluctuations during these periods.
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.
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