Noor Trends News, Technical Analysis, Educational Tools and Recommendations
As anticipated, the USD/JPY pair has experienced a gradual increase, nearing the initial target of 151.50. In early trading today, the pair reached its highest level at 151.40.
From a technical perspective, our trading stance leans towards positivity. We rely on the intraday stability above the psychological barrier resistance of 151.00, supported by positive signals from the simple moving averages that contribute to the ongoing daily upward trajectory of prices.
Consequently, the most favorable scenario is an upward trend, aiming for the remaining targets outlined in the previous analysis at 151.70/151.60. A breach of these levels would further enhance the likelihood of a continued ascent towards 151.90, with gains extending to 152.30 as the next official station.
To activate the bullish scenario, it is crucial for trading to maintain stability above the robust support level of 150.50. A breach of this support level may lead the pair to retest 150.00 and 149.65 before any attempt at a renewed rise.
Warning: Today’s market is anticipating high-impact press talks, including a speech by Christina Lagarde, Governor of the European Central Bank. Additionally, significant economic releases are expected from the United Kingdom, such as the monthly GDP index. From the American economy, the “preliminary reading of the consumer confidence index” issued by the University of Michigan is awaited. Be prepared for potential high fluctuations in prices during these news releases.
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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