Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The USD/JPY pair continues to uphold our bullish outlook, maintaining stability above the crucial support level of 156.50.
On the 240-minute chart, the pair is trading above the 50-day simple moving average, which has turned into a positive catalyst, reinforcing the upward trajectory of the price.
As long as the price remains above 156.70, the bullish trend remains valid and active. Our initial target is 157.80, followed by a potential extension towards 158.55. The ultimate target for this upward wave is around 159.80.
However, traders should remain vigilant. A return to trading below 156.50 could trigger a bearish reversal, with initial targets around 154.40.
Key Points:
- The USD/JPY pair remains in a bullish trend.
- The 156.70 level is a crucial support to monitor.
- Traders should consider long positions, with appropriate stop-loss orders below 156.50.
- The risk level is high due to the pair’s inherent volatility.
Disclaimer:
This analysis is for informational purposes only and does not constitute financial advice. Trading foreign exchange involves risk, and traders should always conduct their own research and exercise caution.
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.
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