American session: 06/24/2024
Introduction and overview
This report provides a technical analysis of the US dollar against the Japanese yen, focusing on trading strategies based on resistance and support levels. The pair is currently trading at the level of $159.47. Prices are trading below most of the moving average crossings, indicating weakness in the uptrend. The MACD indicator indicates an end to the positive trend, which enhances the negative possibilities for the pair.
Trading strategies based on buy/sell level
| USDJPY | In case of buying | in case of selling |
| trend | Buy | sell |
| Entry point | 159.82 | 159.30 |
| Target Point 1 (TP1) | First resistance: 159.98 | First support: 159.00 |
| Target Point 2 (TP2) | Second resistance: 160.15 | Second support: 158.70 |
| Stop Loss (SL) | 159.30 | 159.82 |
Conclusion
These strategies depend on the price’s location relative to support and resistance levels and suggest the best ways to profit from price movements based on support and resistance indicators. Traders should carefully monitor these levels to identify appropriate opportunities to enter and exit the market, while maintaining appropriate risk management strategies to protect their investments
