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The USD/JPY pair maintains positive stability, building on the solid support floor at 148.40 as part of continued attempts to achieve upward momentum.
On the technical side today, the pair is getting a positive stimulus from the simple moving averages that continue to hold the price from below, in addition to the return of positive crossover signals on the Stochastic indicator.
From here, with the price basing itself above 148.70, and in general above 148.40, the upward trend remains the most preferred during today’s session’s trading, targeting 149.80 as the first target and breaching it enhances the gains, so we are waiting for 150.20 and 150.60, respectively.
Sneaking below 148.40 with an hourly candle closing below it postpones the chances of a rise but does not cancel them, and we may witness a bearish trend aimed at retesting 148.00 before attempts to rise again.
Note: Today, we are awaiting high-impact economic data issued by the US economy, the Manufacturing Purchasing Managers’ Index, and the speech of Federal Reserve Chairman Jerome Powell, and we may witness high price fluctuations.
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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