Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The official bullish trend returned to control the movements of the USD/JPY pair after it succeeded in achieving the idea of retesting the pivotal support at 144.50, to begin trading positively.
On the technical side, today the simple moving averages returned to hold the price from below, which coincides with the clear positive signs on the 14-day momentum indicator.
Therefore, the official upward trend returns with trading above the psychological barrier support at 146.00, targeting 147.00 as a first target. It should be noted that breaching the above level catalyses the pair to continue rising with targets of 147.30 and 147.70, which may extend later towards 148.00.
From below, stability below 146.00 postpones the chances of a rise, but does not cancel them, and we may witness a retest of 145.45 before the rise begins again.
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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