USD/JPY Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- USD/JPY price at $152.802, down 0.97%, with key support at $151.695.
- RSI at 24 indicates USD/JPY is oversold, suggesting potential for reversal or consolidation.
- 50 EMA at $156.607, with current price below, signaling continued bearish trend.
The USD/JPY pair declined by 0.97%, currently trading at $152.802, reflecting a bearish sentiment in the market. This drop brings the currency pair closer to significant technical levels, prompting traders to reassess their positions and strategies.
The pivot point at $154.011 is crucial for determining the next move. Immediate resistance is observed at $153.436, and breaking above this could drive the pair towards the next resistance levels of $154.551 and $155.596. Conversely, immediate support is found at $151.695, with further support levels at $151.052 and $150.314, which are essential for maintaining the upward trend.
Technical indicators show mixed signals. The Relative Strength Index (RSI) is at 24, indicating that the USD/JPY is entering oversold territory. This suggests a potential for a reversal or a consolidation phase as the market adjusts to the oversold conditions.
The 50-day Exponential Moving Average (EMA) is at $156.607, highlighting a bearish trend as the current price is significantly below this level. A sustained move below the 50 EMA typically signals continued downward momentum, putting pressure on the USD/JPY.
In conclusion, traders should consider long positions above $152.250, targeting $154.000 for profit-taking, with a stop loss set at $151.000.
USD/JPY - Trade Ideas
Entry Price – Buy Above 152.250
Take Profit – 154.000
Stop Loss – 151.000
Risk to Reward – 1: 1.4
Profit & Loss Per Standard Lot = +$1750/ -$1250
Profit & Loss Per Mini Lot = +$175/ -$125
USD/JPY Price Analysis – July 25, 2024
Daily Price Outlook
During the European trading session, the USD/JPY currency pair continued its bearish trend, trading under pressure at the 152.58 level as the Japanese Yen (JPY) rose to its highest level in 12 weeks against the US Dollar (USD).
This drop is mainly due to traders closing their carry trades before the Bank of Japan’s (BoJ) upcoming policy meeting.
However, the carry trades involve borrowing in low-interest currencies like the Yen and investing in higher-interest assets. With the BoJ likely to change its policy soon, traders are exiting these trades, which strengthens the Yen and weakens the USD/JPY pair.
In simple words, traders are adjusting their strategies ahead of expected changes from the BoJ, impacting the Yen and Dollar.
Japanese Yen Hits 12-Week High as Traders Anticipate BoJ Policy Shift
On Thursday, the Japanese Yen rose to a 12-week high of 151.93 against the US Dollar. This increase happened because traders are closing their carry trades before the Bank of Japan’s (BoJ) policy meeting next week. The BoJ is expected to raise interest rates and cut back on buying bonds, which would reduce economic support.
As a result, traders are selling off positions that benefit from low rates, boosting the Yen. This caused the USD/JPY pair to fall, showing that the Yen is gaining strength due to expectations of changes in Japan's monetary policy.
US Economic Data Increases Pressure on USD/JPY Amid Fed Policy Uncertainty
On the US front, the recent economic data is putting more pressure on the USD/JPY pair. The July Purchasing Managers' Index (PMI) shows strong growth in private-sector activity, which might allow the Federal Reserve (Fed) to keep its tight monetary policy. Despite this, the US Dollar is still struggling.
Investors are waiting for upcoming reports on US GDP and inflation to see if the Fed will change its policies. If these reports show slower inflation or economic growth, the Dollar could weaken even more, which would add to the downward trend in the USD/JPY pair.
USD/JPY - Technical Analysis
The USD/JPY pair declined by 0.97%, currently trading at $152.802, reflecting a bearish sentiment in the market. This drop brings the currency pair closer to significant technical levels, prompting traders to reassess their positions and strategies.
The pivot point at $154.011 is crucial for determining the next move. Immediate resistance is observed at $153.436, and breaking above this could drive the pair towards the next resistance levels of $154.551 and $155.596.
Conversely, immediate support is found at $151.695, with further support levels at $151.052 and $150.314, which are essential for maintaining the upward trend.
Technical indicators show mixed signals. The Relative Strength Index (RSI) is at 24, indicating that the USD/JPY is entering oversold territory. This suggests a potential for a reversal or a consolidation phase as the market adjusts to the oversold conditions.
The 50-day Exponential Moving Average (EMA) is at $156.607, highlighting a bearish trend as the current price is significantly below this level. A sustained move below the 50 EMA typically signals continued downward momentum, putting pressure on the USD/JPY.
In conclusion, traders should consider long positions above $152.250, targeting $154.000 for profit-taking, with a stop loss set at $151.000.
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USD/JPY Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- USD/JPY trades at $156.079, up 0.09%, amid cautiously optimistic market conditions.
- RSI at 31 indicates nearing oversold conditions, suggesting potential for rebound or stabilization.
- Sell limit at $156.762 with take profit at $154.987 and stop loss at $157.650.
The USD/JPY is trading at $156.079, up 0.09%, indicating slight upward movement in a cautiously optimistic market. The 4-hour chart highlights significant levels for traders to consider.
The pivot point is marked at $156.7620, a crucial level that could determine near-term price action. Immediate resistance is identified at $157.7310, with further resistance levels at $158.6180 and $159.4250. On the downside, immediate support lies at $155.3700, followed by $154.5630 and $153.6750.
The Relative Strength Index (RSI) is at 31, suggesting that the pair is approaching oversold territory. This indicator implies potential for a rebound or at least a temporary stabilization.
The 50-day Exponential Moving Average (EMA) stands at $159.2220, well above the current price, indicating a bearish trend as long as prices remain below this level.
For traders, a strategic approach would be to set a sell limit at the pivot point of $156.762. Aiming for a take profit level at $154.987 ensures capturing gains from anticipated downward movement. To manage risk, a stop loss at $157.650 is recommended.
USD/JPY - Trade Ideas
Entry Price – Sell Limit 156.762
Take Profit – 154.987
Stop Loss – 157.650
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$1775/ -$888
Profit & Loss Per Mini Lot = +$177/ -$88
USD/JPY Price Analysis – July 18, 2024
Daily Price Outlook
During the European trading session, the USD/JPY currency pair maintained its upward trend and remained well-bid around 156.45, hitting the intra-day high of 156.59 level. This is mainly because the US Dollar is performing well compared to the Japanese Yen.
US Treasury bond yields have also slightly risen, making them more attractive to investors looking for higher returns despite uncertain global economic conditions. These factors together are boosting the USD/JPY pair, indicating more confidence in the US Dollar's strength against the Yen in the market.
Moreover, the US economy has demonstrated resilience across various economic indicators, including steady retail sales figures and optimistic sentiments from Federal Reserve officials regarding inflation trends.
Federal Reserve Chairman Jerome Powell's recent remarks have underscored confidence that inflation is progressing towards the Fed's target, further bolstering support for the US Dollar.
Expectations of Further Intervention by Japanese Authorities and Its Impact on USD/JPY Pair
Traders and analysts are closely monitoring the actions of Japanese authorities, who have hinted at potential interventions in the currency market to prevent excessive volatility in the Japanese Yen. Recent statements by Japan's top currency diplomat, Masato Kanda, underscore the authorities' readiness to intervene if speculators drive "excessive" movements in the Yen.
The anticipation of intervention has created a cautious atmosphere among traders dealing with the USD/JPY pair. The intervention actions, if implemented, could potentially limit the Yen's appreciation against the US Dollar, thereby supporting the pair's upward momentum.
Market participants are keenly observing any developments from Japanese policymakers, as these interventions could significantly influence short-term movements in the currency markets.
Fed's Inflation Optimism and Rate Cut Speculation and Its Impact on USD/JPY Pair
On the US front, the Federal Reserve's stance on monetary policy and inflation expectations play a crucial role in shaping the trend of the USD/JPY pair.
Recently, Fed officials, including Governor Christopher Waller and Richmond Fed President Thomas Barkin, have hinted at the possibility of an interest rate cut in the upcoming September meeting. This speculation has been fueled by easing inflationary pressures and a desire to sustain economic momentum amidst global uncertainties.
Market expectations for a rate cut have increased substantially, with the CME Group's FedWatch Tool indicating a high probability of a 25-basis point rate reduction. Such expectations tend to weigh on the US Dollar's strength, as lower interest rates make the currency less attractive to investors seeking higher yields.
Consequently, the USD/JPY pair may face downward pressure if the Fed moves forward with rate cuts, as it would diminish the Dollar's appeal relative to the Yen.
USD/JPY - Technical Analysis
The USD/JPY is trading at $156.079, up 0.09%, indicating slight upward movement in a cautiously optimistic market. The 4-hour chart highlights significant levels for traders to consider.
The pivot point is marked at $156.7620, a crucial level that could determine near-term price action. Immediate resistance is identified at $157.7310, with further resistance levels at $158.6180 and $159.4250. On the downside, immediate support lies at $155.3700, followed by $154.5630 and $153.6750.
The Relative Strength Index (RSI) is at 31, suggesting that the pair is approaching oversold territory.
This indicator implies potential for a rebound or at least a temporary stabilization. The 50-day Exponential Moving Average (EMA) stands at $159.2220, well above the current price, indicating a bearish trend as long as prices remain below this level.
For traders, a strategic approach would be to set a sell limit at the pivot point of $156.762. Aiming for a take profit level at $154.987 ensures capturing gains from anticipated downward movement. To manage risk, a stop loss at $157.650 is recommended.
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AUD/USD Price Analysis – July 18, 2024
USD/JPY Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- USD/JPY faces key resistance at 162.1200, a break above which could accelerate the uptrend.
- The 50-day EMA at 161.1100 provides a crucial support level to watch.
- The RSI indicates potential for further upside, but traders should remain vigilant for signs of reversal.
The Japanese yen is experiencing a brief respite from its recent slide against the U.S. dollar, with USD/JPY trading down slightly at 161.705. The 4-hour chart paints a cautious picture, with the pair hovering just below a pivotal resistance level at 162.1200.
This level is a key battleground for bulls and bears alike, and a decisive break above could signal a resumption of the dollar's upward trajectory, with potential targets at 162.3800 and 162.7310.
However, the 50-day Exponential Moving Average (EMA) at 161.1100 is acting as a significant support zone.
A failure to break above the pivot point could see the pair retreating towards this EMA, potentially even further down to the support levels at 160.7320 and 160.2550. The Relative Strength Index (RSI) reading of 62 suggests the pair is not yet overbought, leaving room for further upside if buyers regain control.
Given the current technical setup, traders are advised to approach with caution. A prudent strategy would be to wait for a confirmed break above 162.1200 before initiating long positions.
Alternatively, aggressive traders could consider buying above 161.470, with a stop-loss order placed below 161.184. The initial target for profit-taking would be the pivot point at 162.120.
USD/JPY - Trade Ideas
Entry Price – Buy Above 161.470
Take Profit – 162.120
Stop Loss – 161.184
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$650/ -$286
Profit & Loss Per Mini Lot = +$65/ -$28
USD/JPY Price Analysis – July 11, 2024
Daily Price Outlook
During the European trading session, the USD/JPY currency pair has been experiencing a bearish trend, extending its losses for the third consecutive day. This decline is primarily driven by traders' cautious stance ahead of the upcoming release of the US Consumer Price Index (CPI) data for June, scheduled for Thursday.
The CPI data is crucial as it will provide more clarity on the Federal Reserve's future monetary policy direction. Additionally, recent remarks by Fed Chair Jerome Powell, emphasizing the need to monitor the deteriorating labor market, have contributed to the uncertainty and downward pressure on the USD/JPY pair.
Another factor supporting the Japanese Yen (JPY) and contributing to the weakness of the USD/JPY pair is the rising speculation that the Bank of Japan (BoJ) may raise interest rates in its upcoming July meeting.
This speculation has bolstered the JPY, limiting its downside and adding to the bearish sentiment surrounding the USD/JPY pair.
Stability of the Japanese Government's 10-Year JGB Yield and Its Impact on USD/JPY Pair
On the JPY pair, the Japanese government's 10-year Japanese Government Bond (JGB) yield has remained stable at approximately 1.09%, close to its recent high of 1.10% recorded on July 3.
This stability has come amidst selling pressure on Japanese government bonds, reflecting overseas investors' anticipation that the BoJ may raise interest rates in response to the weakening Japanese Yen. The stability in JGB yields supports the JPY, contributing to the downward trend of the USD/JPY pair.
Furthermore, the BoJ is reportedly considering trimming this year's economic growth forecast and projecting that inflation will stay around its 2% target in the coming years.
This consideration, coupled with the BoJ's ongoing in-person meetings with banks and financial institutions to assess a feasible pace for scaling back its JGB purchases, has further influenced the market's expectations and supported the JPY.
Impact of Anticipated Fed Rate Cuts and Easing CPI Data on USD/JPY Pair
On the US front, the overall strength of the US dollar continues to decline, reflecting growing expectations that the Federal Reserve will begin cutting interest rates starting in September, possibly followed by more cuts in December.
Recent statements from Fed Chair Jerome Powell have reinforced this outlook, emphasizing the Fed's goal of keeping prices stable and considering a shift to neutral interest rates by late 2024 as inflation trends develop. Despite noting signs of economic slowdown,
On the data front, the headline Consumer Price Index (CPI) is anticipated to have risen by 0.1% in June, marking a slight easing in the annual rate from 3.3% to 3.1%. Meanwhile, Core CPI, which excludes Food and Energy prices, is expected to maintain a steady year-over-year rate of 3.4%.
The anticipation of Fed interest rate cuts starting in September and easing US CPI data has weakened the USD, contributing to the bearish trend of the USD/JPY pair.
USD/JPY - Technical Analysis
The Japanese yen is experiencing a brief respite from its recent slide against the U.S. dollar, with USD/JPY trading down slightly at 161.705. The 4-hour chart paints a cautious picture, with the pair hovering just below a pivotal resistance level at 162.1200.
This level is a key battleground for bulls and bears alike, and a decisive break above could signal a resumption of the dollar's upward trajectory, with potential targets at 162.3800 and 162.7310.
However, the 50-day Exponential Moving Average (EMA) at 161.1100 is acting as a significant support zone. A failure to break above the pivot point could see the pair retreating towards this EMA, potentially even further down to the support levels at 160.7320 and 160.2550.
The Relative Strength Index (RSI) reading of 62 suggests the pair is not yet overbought, leaving room for further upside if buyers regain control.
Given the current technical setup, traders are advised to approach with caution. A prudent strategy would be to wait for a confirmed break above 162.1200 before initiating long positions.
Alternatively, aggressive traders could consider buying above 161.470, with a stop-loss order placed below 161.184. The initial target for profit-taking would be the pivot point at 162.120.
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USD/JPY Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- USD/JPY trading at $161.379, down 0.11%; pivot point at $161.1430 could signal reversal or continuation.
- RSI at 53 indicates a neutral stance; potential bearish correction if resistance at $161.9460, $162.3800, $162.8150 holds.
- 50 EMA at $160.7320 indicates bullish trend; a break above $161.154 may trigger buying with targets at $161.945.
The USD/JPY pair is currently trading at $161.379, experiencing a slight decline of 0.11% in early trading. On the 4-hour chart, pivotal technical levels are clearly outlined. The pivot point is established at $161.1430, which could serve as a significant threshold for determining the market's direction today.
Immediate resistance levels are noted at $161.9460, $162.3800, and $162.8150. A break above these resistance points might signal further upward momentum, potentially leading to new highs.
Conversely, immediate support is identified at $160.7830, with further support levels at $160.2900 and $159.8800. These levels could offer buying opportunities if the price continues to fall. The technical indicators present a mixed outlook.
The Relative Strength Index (RSI) is currently at 53, suggesting a relatively neutral stance but leaning slightly towards the bearish side due to the recent price drop.
The 50-day Exponential Moving Average (EMA) is positioned at $160.7320, indicating a bullish trend as long as the price remains above this level. The EMA acts as dynamic support, and a sustained price above this level would reinforce a bullish outlook.
Given the current market scenario, a prudent trading strategy would be to enter a long position if the price moves above $161.154. Setting a take-profit target at $161.945 aligns with immediate resistance levels, ensuring a favorable risk-reward ratio while capturing potential upward movement.
A stop-loss at $160.785, just below immediate support, helps mitigate risk from unexpected downward shifts.
USD/JPY - Trade Ideas
Entry Price – Buy Above 161.154
Take Profit – 161.945
Stop Loss – 160.785
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$791/ -$369
Profit & Loss Per Mini Lot = +$79/ -$36
USD/JPY Price Analysis – July 03, 2024
Daily Price Outlook
During the European trading session, the USD/JPY pair continued its bearish trend and edged lower around the 161.31 level, hitting an intraday low of 161.14. The downward movement can be attributed to the weakening US dollar, which lost traction due to lackluster economic data, raising expectations of Fed rate cuts in 2024, and putting pressure on the currency.
Moreover, the prospect of FX intervention by Japanese authorities adds uncertainty to the pair's outlook. Traders will closely monitor economic indicators, central bank communications, and geopolitical developments for insights into the future direction of USD/JPY.
Impact of Dovish Fed and Economic Data on USD/JPY Pair
On the US front, recently released downbeat economic data have raised expectations that the Federal Reserve (Fed) might consider cutting interest rates in 2024. US Treasury yields have declined in response to these lackluster data releases, signaling reduced confidence in the economic outlook.
Fed Chair Jerome Powell's recent comments about the central bank's cautious approach towards inflation and the need for more evidence before adjusting rates have fueled market speculation. This dovish stance by the Fed has weighed on the US Dollar, contributing to its losses in the USD/JPY pair.
Impact of Japanese Intervention Speculation on USD/JPY Pair
On the BOJ front, the recent weakening of the Japanese Yen has raised concerns among policymakers about its potential impact on the economy.
As the Yen depreciates against the US Dollar (USD), it could increase import costs, potentially leading to higher inflation and reduced purchasing power for Japanese consumers. To counteract these effects, there is speculation that Japanese authorities may intervene in the currency markets.
This intervention could involve selling Yen and buying Dollars to stabilize the exchange rate. By doing so, they hope to maintain stable import prices, support consumer confidence, and mitigate any adverse economic impacts caused by a weakening Yen.
Therefore, the speculation of Japanese intervention to stabilize the Yen could impact the USD/JPY pair by potentially halting or reversing the Yen's depreciation trend against the US Dollar.
USD/JPY - Technical Analysis
The USD/JPY pair is currently trading at $161.379, experiencing a slight decline of 0.11% in early trading. On the 4-hour chart, pivotal technical levels are clearly outlined. The pivot point is established at $161.1430, which could serve as a significant threshold for determining the market's direction today.
Immediate resistance levels are noted at $161.9460, $162.3800, and $162.8150. A break above these resistance points might signal further upward momentum, potentially leading to new highs.
Conversely, immediate support is identified at $160.7830, with further support levels at $160.2900 and $159.8800. These levels could offer buying opportunities if the price continues to fall.
The technical indicators present a mixed outlook. The Relative Strength Index (RSI) is currently at 53, suggesting a relatively neutral stance but leaning slightly towards the bearish side due to the recent price drop.
The 50-day Exponential Moving Average (EMA) is positioned at $160.7320, indicating a bullish trend as long as the price remains above this level. The EMA acts as dynamic support, and a sustained price above this level would reinforce a bullish outlook.
Given the current market scenario, a prudent trading strategy would be to enter a long position if the price moves above $161.154. Setting a take-profit target at $161.945 aligns with immediate resistance levels, ensuring a favorable risk-reward ratio while capturing potential upward movement.
A stop-loss at $160.785, just below immediate support, helps mitigate risk from unexpected downward shifts.
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USD/JPY Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- USD/JPY is down 0.16%, trading at $160.571, indicating mixed market sentiment.
- Immediate resistance levels are at $160.85 and $161.21, with the pivot point at $160.33.
- RSI at 64 suggests nearing overbought conditions, while the 50-day EMA at $159.80 supports the bullish outlook.
The USD/JPY pair is currently trading at $160.571, down 0.16% in the latest session. This decline is occurring despite the broader strength seen in the U.S. dollar, reflecting mixed sentiment in the currency market.
The 4-hour chart shows a critical pivot point at $160.33, which is pivotal in determining the market's short-term direction. Immediate resistance levels are found at $160.85 and $161.21, marking potential hurdles for any bullish advance.
The Relative Strength Index (RSI) stands at 64, indicating that the market is nearing overbought territory but still has some room for further gains. The 50-day Exponential Moving Average (EMA) at $159.80 is currently providing a supportive layer, reinforcing the overall bullish trend.
Given the current technical setup, a buy order above $160.337 is recommended, with a take profit target set at $160.992 and a stop loss at $160.016. USD/JPY remains bullish above the pivot point of $160.33.
USD/JPY - Trade Ideas
Entry Price – Buy Above 160.337
Take Profit – 160.992
Stop Loss – 160.016
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$655/ -$321
Profit & Loss Per Mini Lot = +$65/ -$32
USD/JPY Price Analysis – June 27, 2024
Daily Price Outlook
During the European trading session, the USD/JPY pair continued its downward trend, remaining under pressure around the 110.47 level and hitting an intraday low of 110.30. The decline in USD/JPY can be attributed to several factors.
Firstly, Japanese authorities, notably Finance Minister Shunichi Suzuki, have verbally intervened, expressing readiness to intervene in the foreign exchange market to address excessive movements. This statement signals Japan's concern over the yen's strength and its potential impact on export competitiveness and economic stability.
Secondly, market sentiment towards the US dollar has been cautious ahead of key economic data releases, particularly the Core PCE Price Index. However, the expectations of a slight decrease in the year-over-year inflation rate could imply a less aggressive stance from the Fed regarding interest rate hikes, thereby dampening demand for the dollar.
Japanese Finance Minister Suzuki's Statements and Impact on USD/JPY Pair
Finance Minister Suzuki's comments highlight Japan's determination to stabilize currency markets by addressing excessive fluctuations. While Suzuki did not specify intervention thresholds, his statement prompted market participants to reassess their positions, temporarily pushing USD/JPY lower.
Japan's proactive approach suggests potential interventions if the yen strengthens further, which typically pressures USD/JPY as traders anticipate government measures.
This aggressive stance underscores Japan's commitment to mitigating currency volatility and supporting export competitiveness, aiming to maintain economic stability amid fluctuating global conditions.
Hence, the Finance Minister Suzuki's proactive stance to stabilize currency markets may temporarily push USD/JPY lower as markets anticipate potential yen-strengthening interventions, reflecting Japan's commitment to curbing volatility and supporting export competitiveness.
US Dollar Weakens on Fed Rate Cut Speculation
On the US front, the broad-based US dollar lost some of its strength and turned bearish, likely due to uncertainty over the timing and number of Fed rate cuts expected this year.
The Fed's projection of only one rate cut in 2024 contrasts with market expectations, which are currently pricing in a higher likelihood of the first rate cut occurring in September, followed by two additional 25 basis point cuts by the year-end. This downward pressure on the dollar contributed to losses in the USD/JPY pair.
Federal Reserve officials, including Governor Michelle Bowman and Governor Lisa Cook, have hinted at a cautious approach towards monetary policy, suggesting that while inflation concerns persist, they may not rush into rate hikes.
This stance could limit the downside for the US dollar, particularly against the yen, which tends to strengthen during periods of risk aversion.
Therefore, the uncertain timing and number of anticipated Fed rate cuts have weakened the US dollar, influencing a decline in the USD/JPY pair. Fed officials' cautious stance on monetary policy, amid ongoing inflation concerns, may mitigate further downside pressure on the pair.
USD/JPY - Technical Analysis
The USD/JPY pair is currently trading at $160.571, down 0.16% in the latest session. This decline is occurring despite the broader strength seen in the U.S. dollar, reflecting mixed sentiment in the currency market.
The 4-hour chart shows a critical pivot point at $160.33, which is pivotal in determining the market's short-term direction. Immediate resistance levels are found at $160.85 and $161.21, marking potential hurdles for any bullish advance.
The Relative Strength Index (RSI) stands at 64, indicating that the market is nearing overbought territory but still has some room for further gains. The 50-day Exponential Moving Average (EMA) at $159.80 is currently providing a supportive layer, reinforcing the overall bullish trend.
Given the current technical setup, a buy order above $160.337 is recommended, with a take profit target set at $160.992 and a stop loss at $160.016. USD/JPY remains bullish above the pivot point of $160.33.
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