USD/JPY achieved the required goals 20/11/2023

As anticipated in the previous report, a bearish corrective trend dominated the movements of the USD/JPY pair, reaching and even surpassing the officially specified bearish corrective target at 149.55, with the lowest recorded level at 149.19.

Examining the technical indicators, the simple moving averages persist in providing a negative intersection, exerting continued pressure on the price from above. Additionally, the pair has successfully executed a clear break of the 150.20 support level.

In light of these developments, we are inclined to maintain our negative expectations, targeting 148.90 as the next objective. A breach below this level is expected to facilitate a further decline towards 148.20.

However, from a bullish perspective, the reestablishment of trading stability above 150.20, and particularly above 150.50, would promptly nullify the prospects of a decline. In such a scenario, the pair is likely to regain its upward trajectory, setting initial targets at 151.40 and 151.70.

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: 148.90	R1: 150.50
S2: 148.20	R2: 151.40
S3: 147.35	R3: 152.10