USD/JPY continues the upward push 28/9/2023

The USD/JPY pair continues its upward push, as we expected, touching the official target around 149.80, recording its highest level during the previous trading session at 149.72.

On the technical side today, the pair is getting a positive stimulus from the simple moving averages that continue to hold the price from below, in addition to trading stability above 148.45.

From here, with the price basing itself above 148.95, and in general above 148.40, the upward trend remains the most preferred during today’s trading session, targeting 149.80 as the first target, and breaching it enhances the gains, so we are waiting for 150.20 and 150.60, respectively.

Sneaking 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 before attempts to rise again.

Note: The Stochastic indicator is about overbought, and we may witness some fluctuation until we obtain the desired official direction.

Note: Today we are awaiting high-impact economic data issued by the American economy, the final reading of the gross domestic product and Federal Reserve Chairman Jerome Powell speech, and we may witness high price volatility.”

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: 148.95	R1: 149.80
S2: 148.45	R2: 150.20
S3: 148.00	R3: 150.60