USD/JPY is trying to consolidate 29/9/2023

The technical outlook remains unchanged, and there has been no significant change in the movements of the USD/JPY pair, maintaining positive stability above the strong support floor of 148.70.

On the technical side today, the pair is getting a positive stimulus from the simple moving averages that continue to hold the price from below, in addition to the return of positive crossover signals on the Stochastic indicator.

From here, with the price basing itself above 148.70, and in general above 148.40, the upward trend remains the most preferred during today’s session’s trading, targeting 149.80 as the first target, and breaching it enhances the gains, so we are waiting for 150.20 and 150.60, respectively.

Sneaking below 148.40 with an hourly candle closing below it postpones the chances of a rise but does not cancel them, and we may witness a bearish trend aimed at retesting 148.00 before attempts to rise again.

Note: Today we are awaiting high-impact economic data issued by the American economy, the Core Personal Consumption Expenditure Index, and we may witness high fluctuation in prices at the time of the news release.

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: 149.15	R1: 149.80
S2: 148.90	R2: 150.20
S3: 148.40	R3: 150.60