USDJPY Retest support 31/10/2024

The USD/JPY pair saw initial negative intraday trading after encountering strong resistance around 153.60, which temporarily pushed it into a downward movement.

Technical Analysis:

• Upward Trend Potential: Despite this, the general outlook today remains upward, supported by positive signals from the simple moving averages and stability above the 152.60 support level.
• Target Levels: Breaching 153.40 could enable the pair to reach 154.00 in the near term.
• Downside Scenario: Stability below 152.60 would invalidate the bullish outlook, possibly leading to a retest of the 151.75 level.

Warnings:

• High-impact US economic data (Core PCE Prices, Unemployment Benefits, Employment Cost Index) today could introduce significant volatility.
• Risk is high amid geopolitical tensions, suggesting that unexpected market scenarios are possible.

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.

S1: 152.60	R1: 153.40
S2: 152.25	R2: 153.95
S3: 151.75	R3: 154.25