Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The USD/JPY pair has entered a downward correction after failing to break through the 158.60 resistance level, signaling a potential shift in momentum.
Technical Outlook:
The technical outlook is now bearish, with the simple moving averages (SMAs) forming a negative crossover, indicating increased selling pressure. Additionally, the Stochastic oscillator has lost its upward momentum, further reinforcing the bearish bias.
Downside Potential:
With the bearish momentum building, the pair is expected to continue its corrective decline, targeting 155.00 initially. A break below this level could lead to further losses towards 153.55 and 153.00.
Key Levels:
- Resistance: 158.60
- Support: 155.00, 153.55, 153.00
Important Note:
The release of high-impact economic data from the European Central Bank today, including the Monetary Policy Committee statement, interest rate decision, and press conference by the President, could induce significant price volatility. Traders are advised to closely monitor the market’s reaction to these news releases.
Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.
| S1: |