Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The technical outlook for the USD/JPY pair remained largely unchanged, with the pair maintaining its gradual upward trend, reaching its highest level at 154.87.
Analyzing the 4-hour chart, we observe that the pair successfully retested the support level at 153.60, prompting an upward rebound. Additionally, the simple moving averages continue to support the daily upward trajectory of prices.
As long as trading stays above the robust support level of 154.00, the upward trend remains intact, targeting 155.10 as the next objective. A breach of this level would further enhance the likelihood of reaching 155.45 as the subsequent official station.
However, if the pair slips below 154.00, especially 153.95, it would face significant downward pressure, potentially leading to a retest of 153.20 and 152.80 before resuming upward attempts.
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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