The USDJPY pair is starting to exhibit signs of strength after the sell momentum appears to be declining, as indicated by the successful breach of the resistance level from the bullish channel. This upward movement is further enhanced by the ascending trend of the Moving Average on the 1-hour time frame, suggesting that a new bullish structure is being formed. The breakout of the resistance level indicates a growing dominance of the buyers, who are beginning to take control after a previous period of selling pressure.
In addition, the MACD indicator continues to rise within the positive zone, providing further confirmation that buying pressure is becoming increasingly robust. This signal reflects a relatively stable bullish direction and the potential for continuation as long as the buyers can maintain the existing momentum. With supportive technical combinations, the USDJPY has the opportunity to continue its intraday ascent, especially if market volatility favors a continuation of the bullish bias during the European session today.
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The USDJPY pair is showing signs of recovery after successfully breaking the high of the bearish channel and rebounding from the Bollinger Bands’ lower area, indicating that selling pressure is beginning to weaken. The bullish momentum is gaining strength as the CCI bounces back from the oversold area, signaling that buyers are actively pushing prices higher once again. Given these technical signals, the USDJPY now has the potential to continue climbing and is preparing to test the important resistance level at 156.780.
Technical Reference: Buy as long as it remains above 155.930
Potential Take Profit 1: 156.585
Potential Take Profit 2: 156.780
Potential Stop Loss 1: 156.095
Potential Stop Loss 2: 155.930
