Daily Price Outlook
- USD/JPY's strong breach of 146.90 hints at a dominant bullish trend, aligning with the chart's bullish channel, targeting a potential rise towards 149.00.
- The 50-day EMA reinforces the anticipated bullish movement; however, falling below 146.90, especially 146.35, might revert to a bearish trajectory.
- Today's trading is forecasted to range between support at 146.70 and resistance at 148.20.
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
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