The USDJPY on the hourly chart continues to show a strong potential for an upward movement, maintaining an uptrend structure. The consistent price action forming higher highs and higher lows indicates that buyer dominance remains intact, with prices steadily rising along the upward path. As long as this structure is upheld, selling pressures are seen as limited and not strong enough to alter the short-term trend direction.
From a technical perspective, a bullish bias is increasingly supported by the rising Moving Averages and the ZigZag indicator, which continues to form an uptrend. Additional support comes from the CCI, which is beginning to move upwards from the oversold area, signaling a resurgence in buying momentum. With this combination of signals, USDJPY has a chance to continue its strengthening and test higher price levels in the near future.
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The USDJPY exhibits potential for continued strengthening as price movement remains within a bullish channel, indicating that the upward trend is well-maintained. A price breakout above the resistance of the Bollinger Bands further reinforces buyer dominance and provides technical confirmation of the ongoing upward momentum. With this support, USDJPY is likely to continue strengthening and test the resistance level at 156.900.
Technical Reference: buy while above 155.675
Potential Take Profit 1: 156.665
Potential Take Profit 2: 156.900
Potential Stop Loss 1: 155.885
Potential Stop Loss 2: 155.675
