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

Daily Price Outlook

- Bullish Momentum: USD/JPY is trading above the 149.009 pivot, with immediate resistance at 149.759.

- Overbought Conditions: RSI at 72 indicates overbought levels, but also confirms strong bullish momentum.

- Support Levels: Immediate support is at 148.275, with further safety nets at 147.349 and 146.200.

The USD/JPY pair is trading at 149.386, up 0.06%, maintaining a bullish bias as it hovers near recent highs. On the 4-hour chart, the pair is holding above the key pivot point at 149.009, suggesting continued upward momentum. If USD/JPY manages to break above the immediate resistance at 149.759, it could potentially aim for the next resistance levels at 150.494 and 151.244, marking a potential new multi-year high.

The pair’s bullish momentum is further supported by the 50-day Exponential Moving Average (EMA) at 146.506, which is significantly below the current price, indicating strong underlying support. Additionally, the Relative Strength Index (RSI) is currently at 72, placing the pair in overbought territory. While this suggests the possibility of a short-term pullback, it also highlights the strength of the current bullish trend.

If USD/JPY reverses direction and fails to hold above the pivot point at 149.009, immediate support can be found at 148.275, followed by deeper support levels at 147.349 and 146.200. A breach below these levels could signal a bearish reversal, but as long as the pair remains above the 50-day EMA, the overall outlook stays positive.

Given the strong uptrend and high RSI, traders should watch for potential profit-taking or consolidation near the 150 level. The current technical setup indicates that any dips may be considered as buying opportunities, provided the pair holds above 148.275.

USD/JPY - Trade Ideas

Entry Price – Buy Above 149.000

Take Profit – 150.576

Stop Loss – 148.268

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1576/ -$732

Profit & Loss Per Mini Lot = +$157/ -$73