The USDJPY currency pair continues to exhibit a strong upward momentum, trading confidently within a bullish channel. This pattern indicates a robust increasing trend, bolstered by technical indicators such as the Moving Average (MA) and the MACD, which both hint at bullish signals.
Currently, the price is above the 24-period MA, signifying that buyers are in control of the market. Furthermore, the MACD indicator strengthens the likelihood of further gains as its signal line remains above the zero line, accompanied by a positive histogram indicating a surge in buying momentum.
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The analysis aligns well with the one-hour chart. The 15-minute chart is also showing signs of upward potential as the MA trends upwards and the CCI recovers from the oversold territory, enhancing the USDJPY’s chances of climbing. If the scenario unfolds as projected, USDJPY might approach the resistance level of 158.205.
Technical Reference: Buy while above 157.330
Potential Take Profit Level 1: 158.020
Potential Take Profit Level 2: 158.300
Potential Stop Loss Level 1: 157.520
Potential Stop Loss Level 2: 157.330
