📊 USDJPY 24th January 2025 Daily Analysis Based on Main Key Levels

Introduction

In the ever-evolving landscape of forex trading, understanding market dynamics is crucial for success. This blog presents a detailed analysis of the USDJPY currency pair, focusing on key levels and actionable trade setups. The current Daily Current Market Price (DCMP) for USDJPY is 155.418.

Key Levels Summary

Resistance Levels Above DCMP (155.418)

🔺 Resistance 1: 156.491

🔺 Resistance 2: 157.721

🔺 Resistance 3: 158.481

Support Levels Below DCMP (155.418)

🟢 Support 1: 155.261

🟢 Support 2: 155.804

🟢 Support 3: 154.501

Swing Levels

📊 Swing High: 159.711

📊 Swing Low: 153.271

Trade Setup

💼 Intraday Buy Trade Setup

Entry Price: ✨ 155.261

Stop Loss: ❌ 155.000

Take Profit 1: 🎯 155.804

Take Profit 2: 🎯 156.191

Reason for Entry:

The support level at 155.261 is below the DCMP, indicating a strong buying opportunity. This level aligns with significant technical support, suggesting potential upward movement.

💼 Intraday Sell Trade Setup

Entry Price: ✨ 156.491

Stop Loss: ❌ 156.800

Take Profit 1: 🎯 156.815

Take Profit 2: 🎯 157.721

Reason for Entry:

The resistance level at 156.491 is just above the DCMP, providing a viable selling opportunity. This level coincides with key technical resistance, indicating potential downward movement.

Analysis Summary

Resistance and Support Levels: Key levels indicate potential reversal zones. Resistance levels are identified at 156.491, 157.721, and 158.481, while support levels are at 155.261, 155.804, and 154.501.

Swing Levels: The Swing High is at 159.711, and the Swing Low is at 153.271.

Pivot Levels: The pivot level is at 156.491, providing additional context for potential reversals.

Fibonacci Levels: Significant retracement and extension levels align with the identified support and resistance zones.

RSI Divergence: Indicates potential overbought conditions at resistance levels and oversold conditions at support levels.

MACD Crossing: Suggests bullish momentum at support levels and bearish momentum at resistance levels, confirming trade setups.

Conclusion

This analysis provides actionable trade setups and key levels to assist traders in navigating the USDJPY market. With the current market price at 155.418, traders can utilize the outlined support and resistance levels, along with technical indicators, to make informed trading decisions. Stay updated for more insights and analyses!