Daily Price Outlook

    The USD/JPY pair demonstrates consistent movement around the 147.86 mark, encountering challenges in surpassing it. Notably, the stochastic oscillator is now exhibiting a positive convergence, potentially propelling the pair to breach the aforementioned level and aim for our subsequent target at 149.00.

    The prevailing bullish channel underpins the anticipated upward trajectory, contingent upon the price's ability to remain stable above the 147.30 threshold. For today, we project a trading range between the support level of 147.00 and a resistance at 148.70.

    USD/JPY Price Chart – Source: Tradingview
    USD/JPY Price Chart – Source: Tradingview

    USD/JPY - Trade Idea 

    Entry Price – Buy Stop 148.000

    Take Profit – 149.040

    Stop Loss – 147.286

    Risk to Reward – 1: 1.4

    Profit & Loss Per Standard Lot = +$1040/ -$714

    Profit & Loss Per Micro Lot = +$104/ -$71

    USD/JPY

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