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

Daily Price Outlook

- USD/JPY currently trades at ¥154.284, with a minor decline of 0.09%.

- Key resistance observed at ¥154.75; supports begin at ¥153.41.

- Recommended strategy: Buy above ¥153.950, with targets and stops clearly defined.

The USD/JPY pair has slightly retreated today, recording a marginal decrease of 0.09%, and is currently priced at ¥154.284. Despite this slight downtick, the pair hovers above critical technical levels that could dictate short-term movements.

The pivot point for today stands at ¥153.93, acting as a baseline for the session's trading dynamics. If the pair maintains above this level, it could attempt to reach the immediate resistance at ¥154.75, followed by higher resistance levels at ¥155.36 and ¥155.99, which could serve as significant barriers to further upward movement. Conversely, support lies at ¥153.41, with additional levels at ¥152.81 and ¥151.95, where dips might find a floor, preventing deeper losses.

The Relative Strength Index (RSI) is at 58, suggesting a somewhat bullish sentiment but nearing the overbought territory, which might limit the potential for significant upside gains. The 50-day Exponential Moving Average (EMA) is at ¥153.24, currently below the pair's price, indicating an underlying bullish trend in the medium term.

For traders looking to capitalize on current market conditions, a buying strategy above the pivot point at ¥153.950 is advisable, targeting a take profit level at ¥155.000, with a stop loss set at ¥153.400 to manage risks.

While the USD/JPY exhibits slight bearish pressure in today's session, the overall market structure remains tilted towards the upside.

USD/JPY - Trade Ideas

Entry Price – Buy Above 153.950

Take Profit – 155.000

Stop Loss – 153.400

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$1050/ -$550

Profit & Loss Per Mini Lot = +$105/ -$55