USD/JPY is looking bullish, with the pair trading around 157.00. Here are some potential trade ideas:
Bullish Scenario:
– Buy USD/JPY if it breaks above 158.00, targeting 160.00 and 161.94.
– Stop-loss below 155.00.
Bearish Scenario:
– Sell USD/JPY if it breaks below 155.00, targeting 153.00 and 150.90.
– Stop-loss above 158.00.
Key levels to watch:
– Support: 155.00, 153.00, 150.90
– Resistance: 158.00, 160.00, 161.94
The market is influenced by factors like:
– Fed Policy Decisions: Interest rates and economic data
– BoJ Policy Decisions: Interest rates and inflation targets
– US Economic Data: GDP, inflation, and employment data
– Japanese Economic Data: Trade balance, inflation, and GDP
Some analysts expect USD/JPY to reach 160.00, driven by hawkish Fed rhetoric and stronger US economic data. Others predict a bearish correction, citing intervention warnings and softer Japanese trade data
