JPY/SEK - 1H - Technical analysis published on 08/17/2023 (GMT)

Has the basic bullish trend slowed or is it lacking in power? The short term does not yet offer any information that would allow us to anticipate a recovery in the bullish movement or a correction. Sellers' generally have the upper hand, even if a small correction (not tradeable) on the support located at 0.07437 SEK remains possible. It is advisable to trade JPY/SEK with the greatest caution, while favouring long positions (at the time of purchase) as long as the price remains well above 0.07437 SEK. The next bullish objective for buyers is set at 0.07485 SEK. A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at 0.07505 SEK. If there is any crossing, the next objective would be the resistance located at 0.07521 SEK. PS: if there is a bearish break in the support located at 0.07437 SEK we suggest that you produce a new automated technical analysis. In fact, conditions should have changed. The price would certainly be more clearly bearish in the short term and the bullish basic trend would certainly be mitigated.