USD/JPY maintains bullish bias 23/4/2024

Efforts for an upward trajectory persist for the USD/JPY pair, maintaining its bullish momentum with no significant deviation in its movements.

In today’s technical analysis, upon examining the 4-hour chart, we observe the pair successfully retesting the 153.60 support level, prompting a subsequent upward rebound. Furthermore, the simple moving averages continue to reinforce the daily upward trend in prices.

As long as trading remains above the robust support level at 154.00, the upward trend remains intact and effective, with a target set at 155.10. It’s noteworthy that breaching this level could serve as a catalyst, enhancing the likelihood of reaching 155.45 as the subsequent key milestone.

Conversely, a breach below 154.00, particularly 153.95, would subject the pair to considerable downward pressure, aiming to retest support levels at 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.

S1: 153.95	R1: 155.10
S2: 153.20	R2: 155.45
S3: 152.80	R3: 165.20