USD/JPY (READ DESCRIPTION)

Oct 21

USD/JPY

Pivot Point: 149.55
The pivot at 149.55 serves as a critical support level, signaling the potential for upward movement if the price holds above this point.

Our Preference: Long Positions

Recommended Trade:
Long positions are favored as long as the price stays above 149.55, suggesting a potential for further upward movement.

Target Levels for Upside Movement:

First Target: 150.15
This level acts as an initial resistance point, where traders may evaluate profit-taking or further bullish potential.

Second Target: 150.30
If the first resistance level is breached, USD/JPY could extend gains toward 150.30, indicating continued bullish momentum.

Alternative Scenario: Downside Risks
If the price drops below 149.55:

Bearish Outlook:

First Target: 149.35
Second Target: 149.10
These levels serve as potential support zones if a bearish reversal occurs.

Technical Insights:
RSI (Relative Strength Index):
The break above 149.55 indicates a positive signal, with the RSI supporting further upside movement, reflecting increased buying interest.

Support and Resistance Levels:
As long as 149.55 holds as a key support level, the likelihood of continued bullish movement remains high.

Momentum Indicators:
The overall price action shows an upward trend, and momentum indicators such as MACD may confirm the potential for further gains.