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The USD/JPY pair successfully reached the initial target set at the conclusion of last week’s trading, reaching a price of 151.60 and recording its highest level at 151.60.
In today’s technical analysis, we maintain a positive outlook, relying on the stability of intraday trading above the psychological barrier resistance of 151.00. Additionally, the pair continues to receive a positive stimulus from the simple moving averages, supporting the daily upward trajectory of prices.
As a result, the preference is for the continuation of the upward trend, targeting the remaining objectives from the previous analysis, starting with 151.50. A breach of this level would enhance the likelihood of a continued rise towards 152.20, with further gains extending to 152.50, marking an official station.
To activate the bullish scenario, it is crucial for trading to remain stable above the robust support level of 150.50. Conversely, a break below this level would lead the pair to retest 150.00 and 149.65 before attempting another upward move.
A note of caution: The Stochastic indicator is currently in overbought areas, suggesting potential fluctuations until the desired trend is established.
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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