Daily Price Outlook
- USD/JPY faces temporary downward pressure but shows signs of resuming the bullish wave.
- The main bullish trend scenario remains active, targeting 146.10.
- Support and resistance levels for today are at 144.00 and 145.50, respectively.
The USD/JPY pair experienced a temporary downturn, testing the support line of the intraday bullish channel. However, today's market open shows a bullish inclination, driven by positive signals on the four-hour timeframe. This suggests a potential continuation of the main bullish trend.
As a result, the next target for the pair is set at 146.10. It's worth noting that if the price breaks below 144.25, a short-term bearish correction could occur before resuming its upward movement.
For today's trading, the expected range is between support at 144.00 and resistance at 145.50.
USD/JPY Price Chart – Source: Tradingview
USD/JPY - Trade Idea
Entry Price – Buy Above 144.166
Take Profit – 145.082
Stop Loss – 143.634
Risk to Reward – 1: 1.7
Profit & Loss Per Standard Lot = +$916/ -$532
Profit & Loss Per Micro Lot = +$91/ -$53
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.
JOIN LONGHORNFX TODAY
24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.