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

Daily Price Outlook

The USD/JPY pair has opened today's trading session on an upbeat note, successfully surpassing the 146.55 mark and making endeavors to consolidate above this level. This movement suggests a potential cessation of the recent bearish correction, with the pair positioning to realign with its prevailing bullish trajectory. The anticipated upward targets are set initially at 147.55, progressing to 148.40 as a subsequent focal point.

The EMA50 underpins the pair, bolstering the bullish perspective. This optimistic outlook will persist unless there's a decline below the 146.55 level, further intensified by a drop beneath the 145.95 threshold. For the day, the trading range is projected between a support at 146.10 and resistance at 147.60.

USD/JPY - Trade Idea

Entry Price – Buy Above 146.626

Take Profit – 147.950

Stop Loss – 145.835

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$132/ -$79

Profit & Loss Per Micro Lot = +$13/ -$7