Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The USD/JPY pair demonstrated upward momentum during the morning session, reaching a high of 157.78.
Technical Outlook:
Despite the recent bullish movement, we adopt a cautious bearish bias for today’s trading. This view is supported by early signs of a downward correction, with the Stochastic indicator signaling overbought conditions.
As long as daily trading remains below 157.90, a downward correction is the most likely scenario. The initial target is set at 156.20, with a break below this level paving the way for the next target at 155.70.
Alternative Scenario:
On the other hand, a sustained breach above 158.00 would invalidate the corrective decline and confirm the resumption of the broader upward trend, with potential gains extending toward 159.30.
Risk Considerations:
In light of ongoing geopolitical tensions, heightened market volatility remains a key risk. Traders are advised to exercise caution, as unexpected scenarios may arise.
Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.
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