USD/JPY Technical Analysis: (READ DESCRIPTION)USD/JPY Technical Analysis: Bullish Momentum Expected
Pivot Point: 150.45
The pivot point at 150.45 serves as a key level of support for USD/JPY. As long as the price holds above this level, bullish momentum is anticipated.
Our Preference: Long Positions
Recommended Trade:
Long positions are favored as long as the price stays above the 150.45 pivot point. This sets up the potential for upward movement toward resistance levels.
Target Levels for Upside Movement:
First Target: 151.10
This is the immediate resistance level where traders may take profits or evaluate a continuation of the bullish momentum.
Second Target: 151.60
If the first target is surpassed, the pair could extend its gains toward the 151.60 level, signaling further bullish movement.
Alternative Scenario: Downside Risks
If the price falls below 150.45:
Bearish Outlook:
First Target: 150.10
Second Target: 149.70
These levels represent potential support zones in case of a bearish reversal.
Technical Insights:
RSI Indicator:
The RSI is mixed but leans bullish, suggesting the potential for further upside if momentum builds. Traders should keep an eye on this indicator for confirmation of a stronger move.
