USD/JPY making notable gains 6/9/2023

The USD/JPY pair achieved the upward targets required during the previous trading session at 147.70, recording its highest level of 147.80.

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 strong support floor of 146.60 and above 146.00.

From here, with intraday trading remaining above 146.50, 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 148.60 and 149.00 as official awaited stations.

From below, the return of daily trading stability below 146.50 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: Today we are awaiting high-impact economic data issued on the American economy, the “ISM Services Purchasing Managers’ Index,” and we may witness high volatility at the time of the news’s release.

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: 146.65	R1: 148.00
S2: 145.80	R2: 148.60
S3: 145.30	R3: 149.40