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A bearish trend temporarily dominated the USD/JPY pair, interrupting the anticipated upward movement and attempting to stabilize above the 145.30 support level.
From a technical standpoint, the 240-minute chart shows that the simple moving averages are attempting to support the price from below, bolstered by positive signals from the 14-day momentum indicator.
Given this setup, a continuation of the upward movement appears likely, with the potential to reach 146.65. A break above this level could lead to further gains, targeting 148.00.
On the downside, if an hourly candle closes below 145.30, the pair may come under negative pressure, with an initial target of 144.35.
Warning: The risk level is high and may not be commensurate with the expected return.
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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