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

Daily Price Outlook

- Bullish Bias: USD/JPY remains bullish above the Pivot Point at 149.656 and the 50 EMA at 149.489.

- Support Levels: Immediate support at 149.551, with significant floors at 147.700 and 146.865.

- Resistance Levels: Upside resistance at 150.708, 151.483, and 152.318.

USD/JPY is trading at 149.343, up 0.01%, maintaining a bullish stance just below the Pivot Point at 149.656. The pair is showing resilience above the 50-day Exponential Moving Average (EMA) at 149.489, indicating that buyers are still in control.

Immediate resistance is seen at 150.708, with stronger barriers at 151.483 and 152.318. A break above 149.656 could trigger bullish momentum, targeting these resistance levels.

On the downside, support is located at 149.551, with deeper cushions at 147.700 and 146.865. A dip below 149.551 could invite selling pressure, potentially leading to a retest of the support at 147.700.

If the price continues to decline, the major support at 146.865 could serve as a crucial area for buyers to defend.

The technical setup favors a bullish trend as long as USD/JPY stays above the 50 EMA at 149.489. The 4-hour chart reveals a pattern of higher lows, reflecting upward momentum.

The Pivot Point at 149.656 is a key level to watch; a break above this could solidify the bullish outlook, pushing the pair toward 150.708. Conversely, a decline below 149.551 would challenge the bullish bias, targeting 147.700.

For traders, the strategy is to Buy Above 149.893 with a Take Profit at 150.961 and a Stop Loss at 148.921.

USD/JPY - Trade Ideas

Entry Price – Buy Above 149.893

Take Profit – 150.961

Stop Loss – 148.921

Risk to Reward – 1: 1.1

Profit & Loss Per Standard Lot = +$690/ -$972

Profit & Loss Per Mini Lot = +$106/ -$97