Daily Price Outlook

- USD/JPY moves up to 147.94, signaling investor caution with immediate resistance at 148.20 and key support at 146.72.

- Neutral RSI at 53 against a closely aligned 50 EMA and resistance level suggests a critical juncture for USD/JPY's direction.

- Strategy suggests selling below 148.206, targeting 146.722 for take profit, with a stop loss at 148.880, reflecting the nuanced market dynamics.

On March 14, the USD/JPY pair edged higher, trading up by 0.13% at 147.94. This subtle yet significant move highlights the ongoing fluctuations and investor sentiment in the currency markets.

The pair is currently navigating through a critical technical landscape, with the pivot point set at 147.62. This level serves as a baseline for determining the near-term market direction. Resistance is observed at 148.20, 149.10, and 149.82, marking potential hurdles for upward movements. Conversely, support levels are established at 146.72, 145.89, and 144.76, offering cushions that could arrest any downward trends.

The technical indicators provide a balanced perspective. The Relative Strength Index (RSI) is at 53, suggesting a neutral market momentum with a slight tilt towards buying interest. Meanwhile, the 50-day Exponential Moving Average (EMA) at 148.23 closely aligns with the first resistance level, indicating a pivotal point for future price action. Given this setup, a cautiously bearish outlook emerges, recommending a selling strategy below 148.206, with a take-profit target at 146.722 and a stop loss at 148.880.

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

USD/JPY - Trade Ideas

Entry Price – Sell Below 148.206

Take Profit – 146.722

Stop Loss – 148.880

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1484/ -$674

Profit & Loss Per Mini Lot = +$148/ -$67



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