Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The USD/JPY pair continues its upward trajectory, reaching our previously identified target of 158.20 and peaking at 158.18. The bullish outlook remains intact, supported by strong technical indicators.
Technical Outlook:
On the 240-minute chart, the pair demonstrates stability above the crucial 156.75 support level. The simple moving averages continue to provide positive momentum, reinforcing the ongoing upward price movement.
Upward Potential:
With the current bullish momentum and stable trading above 156.75, the upward trend is expected to persist. Our revised initial target is now 158.40, with the potential for further gains towards 158.90. The ultimate target for this upward wave is projected around 159.30.
Downside Risks:
However, traders should exercise caution as a drop below 157.30 could trigger a temporary pullback to retest the main support at 156.75. While this would not necessarily invalidate the overall bullish trend, it could present a short-term opportunity for consolidation before further upward movement.
Key Levels:
- Support: 157.30, 156.75
- Resistance: 158.40, 158.90, 159.30
Important Note:
The release of high-impact economic data today, including the interest rate decision and unemployment benefits data, could induce significant price volatility. Traders are advised to remain vigilant and closely monitor market reactions to these news releases.
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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