USD/JPY Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- The USD/JPY pair began positively, crossing the 146.55 threshold and aiming to stabilize above it, indicating a potential end to its recent bearish trend and a shift back to its dominant bullish stance.
- Supported by the EMA50, bullish momentum is anticipated unless the pair falls below 146.55 and further breaches the 145.95 mark.
- Today's projected trading boundaries are defined by a 146.10 support level and a 147.60 resistance point.
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
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