Daily Price Outlook
- The USD/JPY pair surged in the prior trading session, breaking through the bullish flag's resistance as outlined in our previous analysis.
- Against this backdrop, a bearish bias is likely for today's trading session. It's important to recognize that surpassing the 146.55 level could reignite the primary bullish trend, leading to further gains with a prospective target at 147.00.
- The projected trading range for the day is expected to span between the support level at 145.00 and the resistance level at 146.55.
The USD/JPY currency pair experienced an upward surge in the previous trading session, following a breach of the bullish flag's resistance line highlighted in our previous analysis. This propelled the pair towards the awaited positive target at 146.55. It's worth noting that the price's positive momentum has waned as it embarks on the current trading day.
Notably, the stochastic indicator exhibits a negative overlap, thereby bolstering the likelihood of potential downturns in the forthcoming sessions. This outlook anticipates a decline towards the levels of 145.15 and subsequently 144.55, identified as the primary negative waypoints.
Given the prevailing circumstances, a bearish bias is to be anticipated for today's trading session. It's pertinent to acknowledge that a breakthrough above the 146.55 level could trigger a resumption of the primary bullish trend, facilitating further gains with a potential target of 147.00. The projected trading range for the day is foreseen to span between the support level at 145.00 and the resistance level at 146.55.
USD/JPY - Trade Idea
Entry Price – Sell Below 146.060
Take Profit – 145.664
Stop Loss – 146.461
Risk to Reward – 1: 1
Profit & Loss Per Standard Lot = +$396/ -$401
Profit & Loss Per Micro Lot = +$39/ -$40
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