Daily Price Outlook
- USDJPY exhibited a strong upward surge, breaching 145.00 and presently reaching 146.00, effectively halting the corrective bearish scenario and reviving the primary bullish trend.
- The focus now shifts to testing the recently established peak at 146.55, with potential for further advancement if this level is breached, targeting gains at 147.00 and 147.90.
- Despite a prevailing bullish sentiment today, caution is warranted if the 146.25 threshold isn't surpassed, as it could trigger a decline, possibly leading to a return to the corrective bearish trajectory. The trading range for the day is projected between 145.30 and 147.00.
The USD/JPY pair experienced a notable upward surge in the previous session, surpassing the 145.00 mark and currently reaching the 146.00 barrier. This movement has effectively halted the corrective bearish scenario, revitalizing the prospect of the primary bullish trend. The focus now shifts towards testing the recently established peak at 146.55, marking a forthcoming target. It is worth highlighting that a successful breach of this level would propel the price further, aiming for extended gains at 147.00 followed by 147.90.
Hence, the prevailing sentiment remains inclined towards a bullish bias today. However, it's crucial to acknowledge that a failure to surpass the 146.25 threshold could prompt a decline. This scenario could materialize after the formation of a third lower high, potentially guiding the price back to the corrective bearish trajectory.
The projected trading range for the current session is bounded by the support level at 145.30 and the resistance at 147.00.
Overall, the anticipated trend for today is bullish, but bearish below 146.500.
USD/JPY - Trade Idea
Entry Price – Sell Below 146.436
Take Profit – 145.524
Stop Loss – 146.836
Risk to Reward – 1: 2.2
Profit & Loss Per Standard Lot = +$912/ -$400
Profit & Loss Per Micro Lot = +$91/ -$40
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