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The USD/JPY pair experienced mixed trading in the previous session, but managed to maintain its overall bullish trajectory. On the 240-minute chart, the pair is holding above the crucial support level of 156.60, with simple moving averages providing continued positive momentum for the upward price curve.
Outlook and Trading Strategy:
As long as the price remains above 156.60, the upward trend remains valid. Our initial target is 157.70, followed by a potential extension towards 158.40. The ultimate target for this current wave is around 159.40.
However, traders should exercise caution as a drop below 156.60 could trigger a bearish reversal, with initial targets around 156.00, potentially extending to 155.50.
Important Note:
The release of high-impact U.S. economic data today, including annual producer prices and basic monthly/annual producer prices excluding energy and food, could induce significant price volatility. Additionally, the inherent risk level in the forex market remains high.
Key Levels:
- Support: 156.60
- Resistance: 157.70, 158.40
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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