USD/JPY on Upward Trend after Rejection from Support Level

Published On: 29 January 2024, 9:20 AM | Jeraldine Tan, Senior Dealer

Key Entry Price Pivot(s)

148.8

Recommended Trade

Long at 148.8

Stop Loss around 146.3 (250 pips)

Take Profit around 151.8 (300 pips)

Alternative Case

Short at 146.3

Stop Loss around 148.8 (250 pips)

Take Profit around 141.8 (450 pips)

Remarks

USD/JPY was rejected from the lows finding support around 141 zone and continued to rally. Price has rallied above the moving averages and found some support in 10EMA.

With the current upward momentum, the previous high around the 151.9 level could be tested again.

Hence we recommend a trade to go long USD/JPY on a break above most recent high around 148.8 with take profit level around 151.8, and stoploss around 146.3.

Alternative case is presented above for traders who remain bearish on USD/JPY to structure a short trade. The entry is to be placed below the most recent low with stoploss above the most recent high and take profit at the support level of ~141 zone.