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

Daily Price Outlook

The USD/JPY pair has decisively surpassed the 146.90 threshold, signaling a resurgence of the primary bullish trajectory. This movement is in line with the bullish channel delineated on the chart, enhancing the probability of eclipsing the recent peak of 147.86 and steering towards the 149.00 region as the forthcoming key target.

The 50-day Exponential Moving Average (EMA50) lends positive reinforcement to the pair, underscoring the anticipated upward trend in subsequent sessions. However, it's crucial to note that a breach below the 146.90 mark, followed by a drop past 146.35, could thwart the projected ascent and redirect the pair back to a corrective bearish path.

For today, the trading spectrum is projected to oscillate between a support at 146.70 and resistance at 148.20.

USD/JPY - Trade Idea 

Entry Price – Buy Limit 146.677

Take Profit – 147.955

Stop Loss – 145.774

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$1278/ -$903

Profit & Loss Per Micro Lot = +$127/ -$90