Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trading dominated the movements of the USD/JPY pair within the gradual rise to the top, as we expected, approaching by a few points from the target published in the previous technical report of 148.00, recording its highest level of 147.92.
On the technical side today, by looking at the 4-hour time frame chart, we find the simple moving averages continuing to support the upward curve of prices, accompanied by clear positive signals on the 14-day momentum indicator on short time frames.
From here, as the pair maintains stability above 147.30, and in general above 147.00, there may be a possibility to continue the upward trend, provided that we witness a clear and strong breach of the psychological barrier resistance level of 148.00, targeting 148.30 and 148.70, official stations whose targets may extend later towards 149.00.
From below, confirmation of breaking the psychological barrier support level of 147.00 can thwart the proposed scenario and will witness a retest of 146.70 and 146.00.
Note: Today, we are awaiting high-impact economic data issued by the American economy “the Federal Reserve Committee statement, the interest rate decision and forecast, followed by a press conference. We may witness high price fluctuations at the time the news is released.
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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