USD/JPY Short Term Uptrend To Test Range High

Published On: 3 July 2023, 9.16 AM | Jeraldine Tan, Senior Dealer

Trade Setup
  • USD/JPY was in uptrend in 2022 due to world recovery from Covid, followed by downtrend in Q1 of 2023 resulting from US debt ceiling and recession scares
  • Market is now in an uptrend again with all EMAs (10 / 20 / 50) pointing up
  • In the short run, USD/JPY is on track to re-test the recent high of 151.945
Trade Execution
  • Bulls may enter a long trade here with target at 151.XX level for 600-700pips reward (or wait for retracement to the 20 EMA)
  • Trailing stop loss can be employed when price closes below the 50EMA – possibly signifying a shift in momentum. Initial stop loss may be placed at around 139 for a rough 1:1 Risk:Reward