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

Daily Price Outlook

The USD/JPY pair exhibited pronounced bearish activity yesterday, breaking through the 146.55 mark to touch 145.90. However, it has since oscillated around the initial level, influenced by the fading positive momentum of the stochastic indicator. Additionally, the EMA50 exerts downward pressure on the price.

Given these dynamics, we are inclined to forecast continued bearish tendencies in forthcoming sessions. It's imperative to note that our subsequent primary target stands at 145.55. Any breach beyond 146.90 would negate the anticipated decline, potentially realigning the pair with its primary bullish trajectory. Today, we project a trading range between a support level of 145.80 and resistance at 147.40.

USD/JPY - Trade Idea 

Entry Price – Buy Limit 146.454

Take Profit – 147.955

Stop Loss – 145.709

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$150/ -$74

Profit & Loss Per Micro Lot = +$15/ -$7