Daily Price Outlook

- USD/JPY's decline signals a complex trading scenario, with focus on critical technical levels for future direction.

- Defined resistance and support levels frame the expected trading range, guiding upcoming market actions.

- Bullish indicators suggest potential upside, highlighting opportunities for strategic market entries.

In the recent trading session on March 21, the USD/JPY pair experienced a modest downturn, decreasing by 0.24% to close at 150.941. This movement places the pair below its critical pivot point at 151.73, signaling a potential shift in market sentiment. Despite this slight retreat, the currency pair faces immediate resistance levels at 151.77, followed by 152.50 and 153.30, indicating potential barriers to upward movement. On the downside, support is found at 149.63, with subsequent levels at 148.95 and 148.20, which could provide some stability in case of further declines.

Technical analysis highlights a supportive backdrop for the USD/JPY, with an upward trendline near the 150.530 level suggesting an underlying strength. A doji candle closing above this trendline could catalyze a renewed buying interest, particularly if the pair sustains above the 150.530 threshold. Both the 50-Day Exponential Moving Average (EMA) at 149.59 and the Relative Strength Index (RSI) at 62 reinforce the potential for a bullish trajectory. Traders should closely monitor these key technical markers and market dynamics, which will likely dictate the short-term direction of the USD/JPY pair in the forex market.

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

USD/JPY - Trade Ideas

Entry Price – Buy Above 150.530

Take Profit – 151.727

Stop Loss – 149.885

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$1197/ -$645

Profit & Loss Per Mini Lot = +$119/ -$64



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