Daily Trade Ideas

USD/JPY Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Jul 3, 20231 min
Usdjpy

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

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USD/JPY

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