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

Daily Price Outlook 

On February 29, the USD/JPY experienced a notable decline, dropping by 0.65% to settle at 149.82. This movement underscores a significant shift in investor sentiment towards the pair, possibly influenced by broader market dynamics or shifts in monetary policy expectations.

The pivot point for the day is marked at 150.11, indicating the level from which the USD/JPY began its descent. Resistance levels are identified at 150.83, 151.22, and 151.62, which could potentially cap any upward correction attempts by the pair. On the downside, immediate support is found at 149.70, with further cushions at 149.27 and 148.95, serving as critical junctures that may arrest the pair's decline and offer opportunities for rebound.

Technical indicators reveal a deeper story. The Relative Strength Index (RSI) stands at 33, venturing into the oversold territory, suggesting that the pair might be under significant selling pressure but also indicating a possible ground for reversal if market conditions permit. The 50-day Exponential Moving Average (EMA) at 150.31, now above the current price, further highlights the bearish momentum but also marks a potential resistance level for any near-term recoveries.

GBP/USD - Trade Ideas

Entry Price – Sell Below 149.912

Take Profit – 149.302

Stop Loss – 150.319

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$900/ -$800

Profit & Loss Per Mini Lot = +$90/ -$80