Daily Price Outlook

- USD/JPY has advanced to 155.689, signaling potential upward movement beyond the pivot point at 155.166.

- Key resistance levels are set at 156.330, 157.099, and 157.891, with critical support starting at 154.187.

- Recommended trade setup includes a buy limit at 155.144, with objectives at 157.065 and a safeguard stop loss at 154.199.

The USD/JPY pair has shown a notable increase today, rising by 0.23% to a price of 155.689. This movement positions the currency pair slightly above its pivot point of 155.166, signaling potential bullish momentum as it traverses the four-hour chart framework.

At this juncture, USD/JPY faces immediate resistance at 156.330. Should the momentum continue, the pair could encounter further resistance at 157.099 and 157.891. These resistance levels are crucial markers that could define the upper boundaries of the current bullish trend.

Conversely, the support structure for USD/JPY begins at 154.187. Additional support levels are observed at 153.488 and 152.626. A drop below these levels could signify a reversal or a deeper pullback, making them significant for traders monitoring potential downturns.

The technical indicators suggest a robust uptrend. The Relative Strength Index (RSI) stands at 80, indicating a strong buying pressure, though also approaching overbought territory which could suggest a near-term pullback. Meanwhile, the 50-day Exponential Moving Average (EMA) at 151.271 remains well below the current price, underscoring a strong upward trend over the past weeks.

Given the current technical landscape, a strategic approach would involve placing a buy limit order at 155.144. This position leverages the pair's current momentum, aiming for a take profit target at 157.065, while a stop loss at 154.199 would protect against unforeseen declines.

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

USD/JPY - Trade Ideas

Entry Price – Buy Limit 155.144

Take Profit – 157.065

Stop Loss – 154.199

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1921/ -$945

Profit & Loss Per Mini Lot = +$192/ -$94



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