Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Establishing Support and Rebounding
The USD/JPY pair found solid support around 148.70, revitalizing its upward trajectory and achieving its peak in the previous trading session at 149.60.
Technical Outlook
Today’s technical analysis leans towards positivity, with intraday trading stability above the crucial psychological support level of 149.00. The pair continues to benefit from positive momentum driven by the 50-day simple moving average, which has propelled the price upwards.
Anticipated Trend
The prevailing sentiment suggests an upward trend, targeting 149.80 and 150.00 successively. Further consolidation above 150.00 would bolster gains, with 150.50 as the next significant target.
Risk Management
A breach below 149.00 may temporarily pressure the pair downwards, with a retest of 148.60 before potential upward resumption.
Caution Amid Economic Events
Market participants should exercise caution due to the release of high-impact economic data from the US and UK, including core CPI figures and the change in unemployment benefits index. Expect heightened price volatility during these announcements.
Acknowledging Risk Levels
Given the potential for volatility, it’s important to acknowledge the associated risk level.
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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