USD/JPY jumps higher 19/3/2024

The USD/JPY pair commenced trading with a bullish trend, finding solid support around 148.30 and experiencing a significant upward rebound toward the psychological level of 150.00.

In today’s technical analysis, examining the 4-hour chart reveals the simple moving averages resuming their upward trajectory, indicating a bullish technical structure.

As such, the upward trend remains intact, targeting 150.65 as the initial objective. A breach of this level could strengthen the upward momentum, with a potential target at 151.10.

However, a return to stability below 149.30 may temporarily halt the upward trend, leading to a retest of 149.40 before resuming the ascent.

Traders should remain cautious given the potential for heightened risk.

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: 149.30	R1: 150.65
S2: 148.40	R2: 151.10
S3: 147.90	R3: 152.00