American session: 7/1/2024
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 $161.12. Prices are trading above most of the moving average crossings, indicating an uptrend. The MACD indicator indicates a strong positive trend, amid anticipation of the release of US economic data, including the ISM Manufacturing Purchasing Managers’ Index, which affects the pair’s trading.
Trading strategies based on Buy/Sell levels
| USDJPY | In case of buying | in case of selling |
| trend | Buy | sell |
| Entry point | 161.26 | 160.75 |
| Target Point 1 (TP1) | First resistance: 161.51 | First support: 160.57 |
| Target Point 2 (TP2) | Second resistance: 161.82 | Second support: 160.42 |
| Stop Loss (SL) | 160.75 | 161.26 |
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
