The USDJPY pair is exhibiting a firm bullish trend, which has strengthened again on the 1-hour time frame, characterized by prices consistently moving within an upward channel. The ZigZag pattern forming a structure of higher highs and higher lows confirms that the dominance of buyers remains intact, while the moving average, which is starting to flatten but still shows an upward direction, suggests a recovery in buying momentum. This condition indicates that the upward trend is not over and there is still room in the market for further strengthening.
Additional bullish confirmation comes from the CCI indicator, which is currently in the oversold territory, signaling that downward pressure is beginning to weaken, thus increasing the chances of a rebound. The combination of a bullish channel, an uptrend ZigZag pattern, and an oversold CCI reinforces the positive outlook for the USDJPY in the near term. With this solid technical support, USDJPY is poised to continue its upward movement and test the nearest resistance level as its next target.
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The USDJPY displays potential for strengthening after prices have entered the lower Bollinger Bands area, indicating that a technical rebound opportunity has started to open up. Although the CCI is in the overbought region on the 15-minute time frame, this situation confirms that there is strong bullish momentum in the short term. With this combination of signals, USDJPY has a chance to continue its rise and test the resistance at the 156.915 level.
Technical Reference: buy while above 156.135
Potential Take Profit 1: 156.780
Potential Take Profit 2: 156.915
Potential Stop Loss 1: 156.265
Potential Stop Loss 2: 156.135
