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

Daily Price Outlook

- USD/JPY trades at $154.324, down 0.38%, with key resistance at $155.76.

- RSI at 34 indicates nearing oversold conditions, suggesting potential for a rebound.

- Strategic sell below $155.045 with take-profit at $152.882 and stop-loss at $157.045.

USD/JPY is currently trading at $154.324, down 0.38% from the previous session. The 4-hour chart provides a detailed view of key price levels and technical indicators, essential for guiding trading decisions.

The pivot point for USD/JPY is at $154.77. Immediate resistance levels are observed at $155.76, $156.83, and $157.96. On the downside, immediate support levels are identified at $152.86, $151.91, and $150.80.

The Relative Strength Index (RSI) stands at 34, indicating that the market is nearing oversold conditions. This suggests a possible rebound if the selling pressure diminishes.

The 50-day Exponential Moving Average (EMA) is positioned at $155.31, providing a near-term resistance level that the pair needs to overcome to resume its upward trend.

Given these technical factors, a strategic trading approach is advised. Selling below the pivot point of $155.045 could be advantageous, targeting a take-profit level of $152.882 and setting a stop-loss at $157.045.

The RSI nearing oversold territory suggests that the current downward trend might face challenges if the support levels hold.

A failure to breach the resistance at $155.76 could result in a pullback toward the support at $152.86 or even lower. Market participants should remain vigilant for any shifts in sentiment that could alter the trading landscape.

A strategic approach would be to sell below $155.045 with a take-profit target at $152.882 and a stop-loss at $157.045.

USD/JPY - Trade Ideas

Entry Price – Sell Below 155.045

Take Profit – 152.882

Stop Loss – 157.045

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$216/ -$200

Profit & Loss Per Mini Lot = +$21/ -$20