The USDJPY currency pair is exhibiting positive movement as it remains within a bullish channel. This pattern suggests that the upward trend continues to prevail, supported by the lower line of the channel, which helps maintain strong bullish momentum.
Additionally, technical indicators such as the Moving Average (MA) indicate that the price is trading above average, further corroborating the positive sentiment. The MACD is also signaling bullish momentum, with the MACD line positioned above the signal line and the histogram remaining in positive territory, suggesting that buying pressure is still dominant.
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Analyzing the one-hour chart aligns with this perspective. The 15-minute chart also presents upward potential as the MA points upward and the CCI manages to rebound from the oversold area, adding to the likelihood of an increase in USDJPY. Should the scenario play out as expected, USDJPY has the potential to rise and test the resistance level at 157.940.
Technical Reference: buy while above 155.025
Potential Take Profit 1: 157.470
Potential Take Profit 2: 157.940
Potential Stop Loss 1: 155.430
Potential Stop Loss 2: 155.025
