Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The dollar/yen pair experienced a notable surge in the previous trading session, leveraging support at the psychological barrier of 142.00. This support acted as a catalyst for an upward rebound, propelling the pair to attain its peak at 143.80.
From a technical perspective today, the 4-hour time frame chart reveals positive signals from the 14-day momentum indicator. Furthermore, intraday trading has stabilized above the breached resistance of 142.70.
Our outlook is cautiously optimistic, contingent on the consolidation of prices above 143.80. This consolidation serves as a motivating factor, increasing the likelihood of a continuation of the upward trend initiated yesterday. Targets for this potential upward trajectory include 144.20 as the first objective, followed by 144.90.
It is crucial to note that a dip below 142.70, and more significantly, 142.40, would promptly halt any attempts at an upward movement. Such a scenario would set the pair on course to complete the official downward trend, with an initial target of 141.30.
Warning: The level of risk may be high, and the quality of the deal may not be commensurate with the expected return. Prudent risk management is advised.
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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