Daily Price Outlook
- The USD/JPY pair recently declined, breaching the 146.55 threshold to hit 145.90 but has stabilized around that initial level, with the stochastic indicator hinting at diminishing bullish momentum.
- The EMA50 provides additional bearish pressure, pointing towards a continued bearish outlook, with a key target at 145.55. However, surpassing 146.90 could signal a shift back to bullishness.
- Today's expected trading range for the pair spans from a 145.80 support to a 147.40 resistance.
The USD/JPY pair exhibited pronounced bearish activity yesterday, breaking through the 146.55 mark to touch 145.90. However, it has since oscillated around the initial level, influenced by the fading positive momentum of the stochastic indicator. Additionally, the EMA50 exerts downward pressure on the price.
Given these dynamics, we are inclined to forecast continued bearish tendencies in forthcoming sessions. It's imperative to note that our subsequent primary target stands at 145.55. Any breach beyond 146.90 would negate the anticipated decline, potentially realigning the pair with its primary bullish trajectory. Today, we project a trading range between a support level of 145.80 and resistance at 147.40.
USD/JPY - Trade Idea
Entry Price – Buy Limit 146.454
Take Profit – 147.955
Stop Loss – 145.709
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$150/ -$74
Profit & Loss Per Micro Lot = +$15/ -$7
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