Daily Price Outlook

    The USD/JPY pair made an attempt to breach the 146.55 level yesterday; however, it encountered a strong downward reversal, ultimately reaching our initial awaited target at 145.75. At this point, it discovered significant support, setting the stage for a potential break of this level. Such a breach would serve as confirmation for the continuation of the prevailing bearish bias, guiding the price towards the subsequent downside target at 144.55.

    Consequently, our stance maintains the bearish outlook for the forthcoming period. It's important to highlight that surpassing the 146.55 level would halt the projected decline and propel the price back into the realm of the primary bullish trajectory. The projected trading range for today is expected to fluctuate between the support level at 145.40 and the resistance at 146.95.

    USD/JPY Price Chart – Source: Tradingview
    USD/JPY Price Chart – Source: Tradingview

    USD/JPY - Trade Idea

    Entry Price – Buy Above 145.738

    Take Profit – 147.339

    Stop Loss – 145.117

    Risk to Reward – 1: 1.2.5

    Profit & Loss Per Standard Lot = +$1601/ -$621

    Profit & Loss Per Micro Lot = +$160/ -$62



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