Noor Trends News, Technical Analysis, Educational Tools and Recommendations
After experiencing a series of consecutive declines, the USD/JPY pair found substantial support near 146.80, effectively halting the downward momentum temporarily. Presently, the pair is trading around the 147.00 mark.
Today’s technical analysis indicates positive developments, with the Stochastic indicator showing signs of a bullish crossover on the 240-minute timeframe. Furthermore, the 14-day Momentum indicator is showing attempts to generate positive signals, contributing to the potential for an upward bias in today’s trading session.
There exists a possibility of a bullish trend during today’s trading session, with an initial target set at 147.30. A breakthrough at this level would likely facilitate further upside movement, with potential targets at 147.90 and 148.30.
However, it’s essential to note that a decline below the critical support level of 146.80 could invalidate the temporary bullish sentiment, potentially leading the pair to resume its downward trajectory. In such a scenario, downside targets would include 146.25 and 145.60.
Investors should exercise caution today due to the release of high-impact economic data from both the United States and the United Kingdom, including core consumer prices on a monthly and annual basis (excluding food and energy), as well as monthly and annual consumer prices. These data releases may induce significant price fluctuations upon their announcement.
it’s crucial to acknowledge the elevated risk level associated with the current market conditions.
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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