Daily Price Outlook

- USD/JPY rises to $158.110, up 0.04%, indicating a bullish trend.

- Pivot point at $158.1940; key resistance at $158.5240, $158.8310, $159.1500.

- RSI at 61; 50 EMA at $157.3910 provides strong support.

The USD/JPY pair is currently trading at $158.110, reflecting a modest increase of 0.04%. The 4-hour chart outlines key technical levels that are crucial for traders to watch. The pivot point at $158.1940 is a significant marker for determining the next direction of price movement. Immediate resistance is noted at $158.5240, with further resistance levels at $158.8310 and $159.1500. These resistance points could pose challenges for the pair’s upward trajectory.

On the support side, immediate support is situated at $157.6190, followed by more substantial support levels at $157.1500 and $156.7300. These support levels are critical for preventing further declines in the USD/JPY pair.

Technical Indicators:

    The overall technical outlook suggests a bullish sentiment above the pivot point of $158.1940.

    For traders looking to capitalize on the current trend, an entry price above $158.245 is recommended. The take profit level is set at $158.800, with a stop loss at $157.800 to manage potential risks.

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

    USD/JPY - Trade Ideas

    Entry Price – Buy Stop 158.245

    Take Profit – 158.800

    Stop Loss – 157.800

    Risk to Reward – 1: 1.25

    Profit & Loss Per Standard Lot = +$555/ -$445

    Profit & Loss Per Mini Lot = +$55/ -$44



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