USD/JPY maintains negative path 27/11/2023

The technical outlook for the USD/JPY pair remains unchanged, with no significant alterations in its movements. The pair continues on its bearish trajectory below the resistance level of 149.70.

Upon closer examination of the 4-hour chart, it is observed that the Stochastic indicator has entered overbought territories, and the pair continues to move below the 50-day simple moving average.

The potential for a downward trend remains valid and active, targeting a retest of 149.00. It’s crucial to note that breaching this level could lead the pair to resume its downward corrective path, with an official target of 148.30/148.50.

On the upside, if the pair establishes stability once again at 149.90, it completely nullifies the activation of the proposed bearish scenario. In such a case, an upward trend is expected with targets at 150.20 and 150.60, respectively.

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: 149.05	R1: 149.90
S2: 148.55	R2: 150.20
S3: 148.15	R3: 151.65