USD/JPY Repeats Upside Chances 17/10/2024

The USD/JPY pair touched the first target from the previous report at 149.85, reaching a high of 149.80.

Technical Outlook:
Today, the pair remains in a cautiously positive trend, supported by simple moving averages and the Stochastic indicator, which suggests potential for further upward momentum. As long as the pair trades above 148.50, we maintain positive expectations with a target of 150.00. Breaching this level may lead to additional gains towards 150.40 and possibly 150.80.

However, if the pair closes an hourly candle below 148.50, it may face negative pressure, opening the path toward 147.80.

Warnings:

• High-impact economic data: Expect volatility due to the ECB’s monetary policy updates and U.S. economic reports, including retail sales and unemployment benefits.
• Risk remains high, with geopolitical tensions adding to uncertainty. All scenarios are possible, and caution is advised.

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.

S1: 149.05	R1: 150.00
S2: 148.50	R2: 150.40
S3: 148.05	R3: 150.95