USD/JPY maintains bullish path 7/9/2023

The technical outlook remains unchanged, and there has been no significant change in the pair’s movements, maintaining positive stability, stable above the psychological barrier support floor of 147.00.

On the technical side today, we find the simple moving averages continuing to support the daily upward curve of prices, in addition to the pair basing itself above the support floor of 147.00, and in general above the pivotal support of 146.60.

With the stability of intraday trading above 147.00, the bullish scenario remains valid and effective, targeting 148.00. The price behaviour of the pair at the mentioned level must be monitored because breaching it is a motivating factor that enhances the pair’s gains, so we are waiting for 148.35 and 148.70, official stations awaited.

From below, the return of daily trading stability below 146.60 postpones the chances of a rise, but does not cancel them, and we may witness a retest of 146.00 before the rise begins again.

Note: The Stochastic indicator has begun to provide temporary negative signals, and we may witness fluctuation until the required official direction is obtained.

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: 147.10	R1: 148.00
S2: 146.60	R2: 148.35
S3: 146.20	R3: 148.80