Noor Trends News, Technical Analysis, Educational Tools and Recommendations
As we expected during the previous technical report, the USD/JPY pair achieved the first target to be touched at 147.70, recording its highest level of 147.74.
On the technical side today, we find the Stochastic indicator trying to eliminate the intraday negative signals and is stimulated by the positive stimulus coming from the simple moving averages.
From here, with the pair maintaining stability above 146.70, and in general above 146.35 around the 50-day simple moving average, there may be a possibility of continuing the upward trend that began yesterday, targeting 147.70, and breaching it is a motivating factor that enhances the chances of visiting 148.10, and the gains may extend later to visit 148.70.
From below, confirmation of breaking the psychological barrier support level 146.35 is capable of foiling the proposed scenario and we witness a retest of 146.00 and 145.70.
Note: Today we are awaiting highly influential economic data issued by the European economy, “the monetary policy statement of the European Central Bank,” “interest rates on the euro and the press conference of the European Central Bank,” and regarding the American economy, we are awaiting the “producer prices” index and the “retail sales” index.
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.
| S1: |