Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The USD/JPY pair continues its steady ascent, maintaining positive stability as highlighted in the previous technical report.
Technical Outlook:
On the 240-minute chart, the pair is receiving positive support from the 50-day simple moving average (SMA), and the Stochastic oscillator is showing signs of gathering further upward momentum. This suggests the potential for the pair to continue its upward trajectory.
Upward Potential:
As long as the price remains above the 161.30 support level, the upward trend is valid and effective. The initial target remains at 162.00, with potential for further gains towards 162.40 and 163.00 if the resistance level is breached.
Downside Risks:
However, traders should exercise caution as a drop below 161.30 could trigger a bearish correction, potentially targeting 160.80 and 160.30.
Key Levels:
- Support: 161.30, 160.80, 160.30
- Resistance: 162.00, 162.40, 163.00
Important Note:
The release of high-impact U.S. economic data today, namely the ADP Non-Farm Employment Change report, could induce significant price volatility. Traders should closely monitor the market’s reaction to this news.
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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