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Positive trading dominated the USD/JPY pair’s movements yesterday, as the pair successfully relied on the pivotal support level at 145.40, reaching a high of 147.21.
Technically, the 240-minute chart shows that the simple moving averages are intersecting positively, increasing the likelihood of an upward trend in today’s session. The pair’s stability above the 145.30 support level further supports this outlook.
As a result, continued upward movement seems most probable, with potential targets at 147.20. A break above this level could lead to further gains, targeting 148.00 and 148.50.
However, if the pair falls back below 145.30, the upward trend could be halted, leading to a potential downward movement with a target of 144.40.
Warning: The risk level is high and may not be commensurate with the expected return.
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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