Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The USD/JPY pair has rebounded strongly, reclaiming its position above the crucial support level of 156.60 and solidifying its stance above the psychological barrier of 157.00.
Technical analysis on the 240-minute timeframe chart reveals a bullish outlook. The pair is now trading above the 50-day simple moving average, which has turned into a support level, providing positive momentum for the upward price movement.
As long as the daily trading remains above 156.70, the upward trend is expected to continue, with an initial target of 157.80. Further gains could extend towards 158.55, and the ultimate target for the current upward wave is estimated to be around 159.80.
However, traders should remain vigilant as a break below 156.50 could invalidate the bullish scenario and trigger a potential reversal. In this case, the pair could retrace towards the 154.40 support level.
The risk level remains high, and traders are advised to exercise caution while navigating this volatile market.
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: |