Conservative bullish USD/JPY setup

2023년 10월 30일

The USD/JPY pair is exhibiting a bullish sentiment due to the US's economic resilience and the recent slump of the Yen. The pair is approaching a significant level of 150, which is being closely watched by the market for possible intervention by Japanese monetary authorities. The Federal Reserve and the Bank of Japan's policy decisions, along with upcoming economic events, are expected to significantly influence the pair's movement. Although there's a bullish tendency, caution is advised due to the potential for intervention around the 150 level.

Entry Point: 148.50 (on a retracement).
Stop Loss: 147.50 (100 pips cushion to manage downside risk).
Take Profit 1 (TP1): 150.00 (conservative target considering the potential for intervention around this level).
This setup aims to capture a bullish move while exercising caution around the significant 150 level.