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

Daily Price Outlook

- USD/JPY price at $152.802, down 0.97%, with key support at $151.695.

- RSI at 24 indicates USD/JPY is oversold, suggesting potential for reversal or consolidation.

- 50 EMA at $156.607, with current price below, signaling continued bearish trend.

The USD/JPY pair declined by 0.97%, currently trading at $152.802, reflecting a bearish sentiment in the market. This drop brings the currency pair closer to significant technical levels, prompting traders to reassess their positions and strategies.

The pivot point at $154.011 is crucial for determining the next move. Immediate resistance is observed at $153.436, and breaking above this could drive the pair towards the next resistance levels of $154.551 and $155.596. Conversely, immediate support is found at $151.695, with further support levels at $151.052 and $150.314, which are essential for maintaining the upward trend.

Technical indicators show mixed signals. The Relative Strength Index (RSI) is at 24, indicating that the USD/JPY is entering oversold territory. This suggests a potential for a reversal or a consolidation phase as the market adjusts to the oversold conditions.

The 50-day Exponential Moving Average (EMA) is at $156.607, highlighting a bearish trend as the current price is significantly below this level. A sustained move below the 50 EMA typically signals continued downward momentum, putting pressure on the USD/JPY.

In conclusion, traders should consider long positions above $152.250, targeting $154.000 for profit-taking, with a stop loss set at $151.000.

USD/JPY - Trade Ideas

Entry Price – Buy Above 152.250

Take Profit – 154.000

Stop Loss – 151.000

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$1750/ -$1250

Profit & Loss Per Mini Lot = +$175/ -$125