Daily Trade Ideas

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

By LonghornFX Technical Analysis
May 11, 20232 min
USD-JPY.jpg

Daily Price Outlook

    * USD/JPY is currently trading at 134.200 level, gaining support at 133.950 level on the 12-hour timeframe

    * Hammer candlestick pattern suggests a potential bullish movement towards 134.650 or 135.350 levels

    * If USD/JPY breaks below 133.950, it may experience downward movement towards 133.400 or even below 133 levels.

The USD/JPY currency pair is currently trading at 134.200 level. On the 12-hour timeframe, the USD/JPY is gaining support around the 133.950 level, which is being extended by an upward trendline that has supported the currency pair around 133.600 in the past.

The trendline is currently supporting around 133.900. The formation of a hammer candlestick pattern just above this trendline suggests that we may see a bullish movement in the currency pair, potentially pushing it up to 134.650 or 135.350 levels.

On the other hand, if USD/JPY breaks below 133.950, the currency pair may experience a downward movement towards 133.400 or even below 133 levels.

Therefore, it can be said that the 133.900 level is likely to act as a pivot point, and it is important to monitor the currency pair closely.

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USD/JPY - Trade Idea

Entry Price – Buy Above 133.918

Stop Loss – 133.630

Take Profit – 134.649

Risk to Reward – 1 : 2.5

Profit & Loss Per Standard Lot = +$731/ -$288

Profit & Loss Per Micro Lot = +$73/ -$28

Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.

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