Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The USD/JPY pair approached the first downside target set in the previous trading session at 149.40, recording its lowest level at 149.69.
Technically, today we lean towards a positive outlook as the pair has successfully formed a robust support base near 150.20, supported by a positive incentive from the 50-day simple moving average.
Given the bullish pattern evident on the 4-hour chart, the bullish trend is favored, targeting 151.95 initially. A breach of this level would amplify and accelerate the upward momentum, paving the way for a direct move toward 152.50.
Conversely, should the price stabilize below 150.10, the proposed bullish scenario would be invalidated, leading the pair back onto a bearish trajectory with a target of 148.95.
Warning: The risk level remains high and may not align with the anticipated return.
Warning: The risk level is elevated amid ongoing geopolitical tensions, making all scenarios possible.
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.
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