Daily Price Outlook

- USD/JPY is down 0.16%, trading at $160.571, indicating mixed market sentiment.

- Immediate resistance levels are at $160.85 and $161.21, with the pivot point at $160.33.

- RSI at 64 suggests nearing overbought conditions, while the 50-day EMA at $159.80 supports the bullish outlook.

The USD/JPY pair is currently trading at $160.571, down 0.16% in the latest session. This decline is occurring despite the broader strength seen in the U.S. dollar, reflecting mixed sentiment in the currency market.

The 4-hour chart shows a critical pivot point at $160.33, which is pivotal in determining the market's short-term direction. Immediate resistance levels are found at $160.85 and $161.21, marking potential hurdles for any bullish advance.

The Relative Strength Index (RSI) stands at 64, indicating that the market is nearing overbought territory but still has some room for further gains. The 50-day Exponential Moving Average (EMA) at $159.80 is currently providing a supportive layer, reinforcing the overall bullish trend.

Given the current technical setup, a buy order above $160.337 is recommended, with a take profit target set at $160.992 and a stop loss at $160.016. USD/JPY remains bullish above the pivot point of $160.33.

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

USD/JPY - Trade Ideas

Entry Price – Buy Above 160.337

Take Profit – 160.992

Stop Loss – 160.016

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$655/ -$321

Profit & Loss Per Mini Lot = +$65/ -$32



24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.