Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The USD/JPY pair continues its descent along the corrective downward wave, a consistent theme in recent reports this week, and has marked its lowest point at 146.70.
From a technical perspective today, the bearish sentiment is anticipated to persist. This expectation is grounded in the negative influence exerted by the simple moving averages, which are exerting downward pressure on the price, coupled with the daily trading remaining below the 147.75 resistance level.
The prospects for a continued downward trend remain valid and potent, contingent on the condition that we observe price consolidation below 146.70. This consolidation would facilitate the trajectory towards the primary target at 146.20.
It is crucial to note that should the price consolidate above 147.75, the pair might attempt a temporary ascent, with the aim of retesting 148.40 before resuming its downward trajectory.
Caution: Today, high-impact economic data is expected from the US, particularly the annual “Core Personal Consumer Expenditure Price Index.” There is a likelihood of heightened volatility upon the release of this news.
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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