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

Daily Price Outlook

The USD/JPY pair has shown a sustained upward trend in early trading today, supported by the short-term upward correctional trend and the presence of a trend line. Additionally, trading above the 50-day SMA and positive signals from the RSI, despite reaching overbought levels, have further bolstered the bullish sentiment.

Considering these factors, we anticipate that the USD/JPY pair will continue to gain momentum, with the next key target being the pivotal resistance level of 145.00.

Our price prediction for today suggests a trading range between the support level of 141.50 and the resistance level of 145.00, indicating potential opportunities for bullish moves.

Traders are advised to closely monitor the price action and consider the bullish trend in their trading strategies for the USD/JPY pair. However, it is essential to exercise caution and implement risk management practices, given the dynamic nature of the market.

USD/JPY - Trade Idea

Entry Price – Sell Below 143.149

Take Profit – 141.927

Stop Loss – 144.178

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$122/ -$102

Profit & Loss Per Micro Lot = +$12/ -$10