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

Daily Price Outlook

The USD/JPY pair is currently trading within a rising wedge pattern, as indicated on the chart. In order to establish a bearish momentum and resume the corrective downtrend, the price needs to break below the support line of this pattern at 138.50.

This would potentially push the price lower towards the initial targets at 137.35 and further extend to 135.55 upon surpassing the previous level.

Considering the negative readings from key technical indicators, we maintain our bearish outlook for the near future.

However, if the price manages to breach above 139.17, it would halt the current downward pressure and potentially lead to an attempt to regain the primary bullish trend.

For today's trading, the anticipated range is between support at 137.60 and resistance at 139.17.

USD/JPY - Trade Idea

Entry Price – Sell Limit 138.969

Take Profit – 137.268

Stop Loss – 140.070

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$170/ -$110

Profit & Loss Per Micro Lot= +$17/ -$11