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

Daily Price Outlook

The USD/JPY pair has successfully breached the 147.86 mark and established a daily close above it, enhancing the prospects for sustained bullish momentum in forthcoming sessions. We anticipate a continued upward trajectory, targeting the 149.00 level as our subsequent milestone.

The bullish outlook is further corroborated by the EMA50, which underpins the price, coupled with the favorable convergence signal currently exhibited by the stochastic indicator. It is imperative to maintain a position above the 147.50 level to realize the projected targets.

For today's trading dynamics, we forecast a range defined by a support at 147.60 and a resistance at 149.10, with the prevailing sentiment tilting bullish.

USD/JPY - Trade Idea 

Entry Price – Buy Limit 148

Take Profit – 149.040

Stop Loss – 147.350

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$1040/ -$650

Profit & Loss Per Micro Lot = +$104/ -$65