The USDJPY exhibits a strong upward trend, bolstered by a bullish channel that consistently supports price movements upwards. Over the last few trading sessions, USDJPY has maintained its positive momentum, and technical analysis indicates that the potential for further increases remains significant.
The Moving Average (MA) indicator presents a clear bullish signal, with the moving average positioned below the current price. This suggests that the upward trend is still dominant, instilling confidence in traders to take buy positions. Additionally, the Stochastic indicator also shows positive signals, with values in the oversold region beginning to rise. This indicates the possibility of higher price movements in the near future.
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Aligned with the one-hour chart analysis, the 15-minute chart also presents a upward opportunity due to MA trending upwards and CCI successfully rebounding from the oversold zone, enhancing USDJPY’s upward potential. If the scenario unfolds as expected, USDJPY could rise to test the resistance level of 157.680.
Technical Reference: buy as long as above 155.810
Potential Take Profit 1: 157.300
Potential Take Profit 2: 157.680
Potential Stop Loss 1: 156.155
Potential Stop Loss 2: 155.810
