Daily Trade Ideas

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

By LonghornFX Technical Analysis
Aug 1, 20231 min
Usdjpy

Daily Price Outlook

    The USD/JPY pair exhibits a stronger bullish bias as it approaches our initial target at 143.05. A detailed analysis of the chart reveals the completion of a double bottom pattern, indicating positive targets beyond the mentioned level, with potential objectives at 144.00, followed by 145.05.

    Consequently, we maintain our outlook for a bullish trend in the upcoming period, anticipating favorable momentum to drive the price towards the expected targets. It is essential to emphasize that sustaining above 141.40 is crucial to ensure the continuity of the bullish wave.

    For today's trading, we anticipate the price to trade within the range of 142.00 support and 143.50 resistance.

    GOLD Price Chart – Source: Tradingview
    GOLD Price Chart – Source: Tradingview

    USD/JPY - Trade Idea

    Entry Price – Buy Above 142.269

    Take Profit – 143.803

    Stop Loss – 141.424

    Risk to Reward – 1: 1.5

    Profit & Loss Per Standard Lot = +$1534/ -$845

    Profit & Loss Per Micro Lot = +$153/ -$84

    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.

    USD/JPY

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