USD/JPY awaits pending orders 2/11/2023

The previously identified strong resistance level at $151.70 halted the pair’s upward momentum. The continuation of the upward trend hinges on a confirmed breach of this level, which the pair has been unable to achieve thus far.

In the recent trading session, a bearish trend was observed, with the pair reaching its lowest point at $150.15 during the early hours of today’s session. Upon closer inspection of the 4-hour time frame chart, the 50-day simple moving average continues to influence the price from below. Additionally, negative crossover signals have begun to appear on the Stochastic indicator.

Given these factors, it is prudent to monitor the pair’s price behavior and await the activation of pending orders:

1. If the pair slips below $150.15, it may undergo a downward correction, with the initial target set at $149.75.
2. Conversely, if the pair reestablishes stability above $151.20, it could pave the way for the completion of the official upward trajectory. In this scenario, the pair may target $151.70 initially and then $152.20 subsequently.

Traders and investors are advised to closely observe these price levels and pending orders for potential trading opportunities.

Please be aware that today, high-impact economic data originating from the British economy is anticipated, including the Bank of England governor’s speech, the interest rate decision, the monetary policy summary, the monetary policy report released by the Bank of England, and the Monetary Policy Committee’s vote on interest rates.

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: 149.75	R1: 151.25
S2: 149.20	R2: 152.20
S3: 148.30	R3: 152.80