USDJPY Technical Analysis: The USD/JPY pair closed with the GBP/JPY price at $149.30, showing a bullish sentiment as prices traded above several key moving average crosses on the chart. This upward momentum is further supported by the MACD indicator, which is signaling a positive trend. Given these technical indicators, there is a potential opportunity for a buy trade in the early part of the week, specifically during the Asian trading session.
A possible entry point would be a rise towards the $149.50 level, which could signal further bullish continuation. Traders might consider targeting a price area around $149.82, as this represents a reasonable resistance zone for the pair based on recent price action and technical analysis. With this strategy, the goal is to capitalize on the upward movement while managing risk effectively.
USDJPY Technical Analysis: Trading Strategy
To mitigate potential losses, it is crucial to place a stop-loss order around the $148.96 area. This level is identified as a key support zone, which could help protect the trade in case of a reversal. By setting the stop-loss at this point, traders can limit their risk exposure while still allowing the trade to potentially reach its target.
In summary, with the USD/JPY pair showing bullish signs supported by moving averages and MACD, there is an opportunity to enter a long position during the Asian session, with an entry at $149.50, a target of $149.82, and a stop-loss at $148.96. Monitoring price action and adjusting the stop-loss as needed will help in managing risk throughout the trade.
USDJPY Technical Analysis: On the other hand,
if the sell zone at $148.96 is broken, the USD/JPY price may head towards $148.75.
USDJPY Technical Analysis: Resistance and Support Levels
- Second Resistance: 149.47
- First Resistance: 149.40
- Pivot Level: 149.28
- First Support: 149.21
- Second Support: 149.09
