Daily Price Outlook

- USD/JPY trading at $157.20, up 0.24%, nearing critical resistance levels.

- Immediate resistance at $157.41, with support at $156.31 indicating potential for upward momentum.

- RSI at 55 and 50 EMA at $156.40 support a bullish outlook.

The USD/JPY pair is currently trading at $157.20, showing a modest gain of 0.24%. This upward momentum is notable as the pair edges closer to critical resistance levels. The pivot point to monitor stands at $157.72, a crucial level that could influence future price movements.

Immediate resistance is identified at $157.41, with subsequent resistances at $157.91 and $158.43, indicating potential targets for bullish traders. On the downside, immediate support is found at $156.31, followed by additional supports at $155.79 and $155.11. These levels are significant as they highlight areas where buying interest might emerge to stabilize the price.

The Relative Strength Index (RSI) is at 55, suggesting a neutral to slightly bullish sentiment. The 50-day Exponential Moving Average (EMA) is positioned at $156.40, with the current price trading above this level, reinforcing the bullish outlook.

Technical indicators point towards a bullish trend as long as the price remains above the pivot point of $157.72.

In conclusion, the technical outlook for USD/JPY remains bullish above the pivot point of $157.72. Traders may consider a buy limit order at $156.765, aiming for a take profit level at $157.723. A stop loss should be placed at $156.305 to mitigate risk effectively.

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

USD/JPY - Trade Ideas

Entry Price – Buy Limit 156.765

Take Profit – 157.723

Stop Loss – 156.305

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$958/ -$460

Profit & Loss Per Mini Lot = +$95/ -$46



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