Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The USD/JPY pair experienced a sideways trajectory in yesterday’s movements, yet it persists in seeking positive stability above the crucial psychological support level of 148.00.
On the technical front, the simple moving averages continue to elevate the price from below, reinforcing the ongoing upward trend. This is complemented by positive signals from the Relative Strength Index on short time frames.
Given this technical landscape, maintaining intraday trading stability above the support level of 148.00, particularly above 147.85, suggests that the upward trend remains the most probable scenario in today’s trading session. The initial target stands at 148.60, and a decisive breach of this level serves as a motivating factor, intensifying and accelerating the momentum of the daily upward trend, with the next target set at 149.30.
Conversely, the closure of an hourly candle below 147.85 would prompt the pair to retest 147.10 before attempting to resume its ascent.
Risk Warning: Caution is advised as the risk level may be elevated. Traders should be mindful of potential fluctuations and adapt their strategies accordingly.
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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