Daily Price Outlook

    The USD/JPY is currently navigating around the 150.445 mark, reflecting a modest 24-hour shift of +0.01%. Within the 4-hour chart, the pivot point stands at $150.262. On the resistance spectrum, the closest barrier is $151.062, with subsequent ones at $151.500 and $151.741. In contrast, supports are seen at $150.258, $149.903, and $149.444.

    Technical indicators offer intriguing insights. The RSI, at 49.08, hints at a slight bearish tilt but is close enough to the 50 mark to suggest potential shifts in momentum. The 50-Day EMA sits at $150.262, with the price around it indicating a neutral market stance. Chart patterns, especially the emerging symmetrical triangle, signal a tussle between the bulls and bears. The triangle's upper boundary is set to be a focal point in upcoming sessions.

    Conclusively, the USD/JPY's current trend leans towards neutrality with a mild bullish undertone. Immediate challenges lie in approaching the resistance at $151.062. Still, the existing support levels play a crucial role in defining the asset's trajectory amidst global economic influences.

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

    USD/JPY - Trade Idea

    Entry Price – Buy Above 150.23

    Take Profit – 151.55

    Stop Loss – 149.56

    Risk to Reward – 1: 1.4

    Profit & Loss Per Standard Lot = +$1315/ -$669

    Profit & Loss Per Mini Lot = +$131/ -$66



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