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

Daily Price Outlook

- USD/JPY is approaching key resistance at 145.409, with a pivot point at 145.398.

- Immediate support at 143.968, reinforced by the 50-EMA at 144.016.

- RSI at 66 indicates the pair is nearing overbought territory, suggesting caution.

The USD/JPY pair is trading slightly higher at 144.877, marking a modest increase of 0.04% for the day. The pair is hovering near a crucial pivot point at 145.398, which could serve as a turning point for future price action.

Immediate resistance is found just above at 145.409, with further resistance levels at 145.973 and 146.514, which could become significant if the current upward momentum persists.

On the downside, immediate support stands at 143.968, followed by deeper supports at 143.475 and 142.910. The 50-day Exponential Moving Average (EMA), currently at 144.016, is providing strong dynamic support, suggesting the pair will remain buoyed above this level.

Meanwhile, the Relative Strength Index (RSI) is at 66, signaling that the pair is nearing overbought conditions, a potential indicator of short-term exhaustion.

Traders may consider a buy limit at 144.478, targeting the pivot point at 145.398, with a stop loss at 143.978 to mitigate downside risks. The overall trend remains bullish, as long as the price stays above the 50-EMA.

USD/JPY - Trade Ideas

Entry Price – Buy Limit 144.478

Take Profit – 145.398

Stop Loss – 143.978

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$920/ -$500

Profit & Loss Per Mini Lot = +$92/ -$50