USD/JPY attacks resistance, waiting for a breakthrough 27/9/2023

The technical outlook remains unchanged, and the movements of the USD/JPY pair did not change, maintaining positive stability to begin attacking the resistance level of the psychological barrier 149.00, waiting for it to be breached.

On the technical side today, the 50-day simple moving average still supports the upward curve of prices, and this comes in conjunction with clear positive crossover signals on the Stochastic indicator.

Hence, with daily trading remaining above 148.70 and generally above 148.40, the bullish scenario remains valid and effective, provided that we witness a clear and strong breach of the resistance level of the psychological barrier 149.10/149.00. This motivating factor increases the chances of touching 149.40 and then 149.80, an official target.

Below 148.40 with an hourly candle closing below it postpones the chances of a rise but does not cancel them, and we may witness a bearish trend aimed at retesting 148.00 and 147.70 before attempts to rise 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: 148.70	R1: 149.10
S2: 148.40	R2: 149.40
S3: 148.00	R3: 149.85