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

Daily Price Outlook

In today's daily technical outlook for USD/JPY on October 5, the currency pair is currently trading at 148.62 with a 4-hour chart timeframe. Key price levels to note include a pivot point at 149.091, immediate resistance at 149.931, and subsequent resistances at 150.545 and 151.403. On the support side, immediate levels are found at 148.46, followed by 147.619 and 147.006.

Technical indicators paint a bearish picture, with the RSI at 36.3, indicating a bearish sentiment, and the MACD line below the signal line, suggesting potential downward momentum. Furthermore, the price is currently below the 50 EMA, signaling a short-term bearish trend. Despite an observed upward channel providing support at 148.460, the overall indicators are in the sell zone, urging caution and highlighting the importance of monitoring a potential breakout below this level to consider a selling opportunity.

In conclusion, the overall trend for USD/JPY remains bearish below the pivot point of 149.091, with a short-term forecast suggesting continued resistance at specified levels in the coming days, reinforcing the bearish outlook.

USD/JPY - Trade Idea

Entry Price – Sell Limit 149.029

Take Profit – 147.513

Stop Loss – 149.876

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$1516/ -$847

Profit & Loss Per Micro Lot = +$151/ -$84