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

Daily Price Outlook

- Sell Entry: Consider a sell limit at $147.850, targeting $145.

- Immediate Resistance: Key resistance at $149.365; watch for a potential breakout.

- Support Levels: Immediate support at $145.514; a break could lead to further declines.

USD/JPY is currently trading at $147.211, showing a slight decline as it moves closer to the pivot point at $147.864.

The pair has been in a tight range, reflecting a cautious market sentiment. The 4-hour chart reveals that the 50-day Exponential Moving Average (EMA) at $146.386 is providing solid support, suggesting that the pair might find some stability at these levels before making its next move.

Immediate resistance is seen at $149.365, with further resistance at $150.900 and $152.597. If USD/JPY breaks above these levels, we could see a continuation of the uptrend.

However, the downside risks are also significant. Immediate support is at $145.514, followed by $143.462 and $141.787. A break below these supports could accelerate the downward momentum.

The Relative Strength Index (RSI) is hovering near neutral levels, indicating that the market is neither overbought nor oversold, leaving room for potential volatility.

Given the current setup, traders should be cautious about both upside and downside risks.

For those looking to trade, a sell limit order around $147.850 could be effective, with a take-profit target at $145. Setting a stop-loss at $149.350 would help manage potential losses if the market unexpectedly turns bullish.

Overall, while the technical indicators suggest some downside risk, it’s essential to watch the key levels closely.

USD/JPY - Trade Ideas

Entry Price – Sell Limit 147.850

Take Profit – 145

Stop Loss – 149.350

Risk to Reward – 1: 1.19

Profit & Loss Per Standard Lot = +$2850/ -$1500

Profit & Loss Per Mini Lot = +$285/ -$150