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)

  • 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.