Daily Price Outlook
* USDJPY exhibiting strong bullish bias, crossing above the 150-day moving average at 134.250
* Technical indicators, such as RSI and MACD, support an upward trend continuation; potential target at 135.100 and possibly 136.050
* Suggested strategy: buying position above 134.250 with targets at 135 or 136.050
On Friday, the USDJPY currency pair is exhibiting a strong bullish bias, surging to the 134.800 level. On the four-hourly timeframe, the USDJPY currency pair crossed above the 150-day moving average, which was providing major resistance around the 134.250 level.
Moreover, the USDJPY currency pair has formed a bullish engulfing pattern, suggesting a strong bullish sentiment among investors. At the same time, there is an upward trendline that also supports a buying trend in the pair today.
With this in mind, the USDJPY has the potential to target the 135.100 level, and the increased demand for this particular currency pair may allow it to break through the 135.100 level and reach the 136.050 resistance level.
On the downside, support continues to hold around 134. The suggested strategy is to look for a buying position today above the 134.250 level, with a target of 135 or 136.050.
USD/JPY – Trade Ideas
Entry Price – Buy Above 134.183
Stop Loss – 133.037
Take Profit – 136.029
Risk to Reward – 1 : 2.5
Profit & Loss Per Standard Lot = +$184/ -$114
Profit & Loss Per Micro Lot = +$18/ -$11
Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.
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