Despite a slight correction in the movement of USDJPY, the long-term bullish trend is intact, thanks to supportive technical indicators that reflect a positive bias. The Zigzag and Moving Average (MA) indicators consistently provide bullish signals, suggesting that this correction is merely temporary and does not alter the primary trend direction. As long as prices remain above the key support levels, the potential for further gains remains substantial, especially if prices successfully breach several tested resistance levels.
Moreover, the MACD indicator also reinforces the bullish outlook by showing positive convergence, where the MACD line is positioned above the signal line and trending towards positive territory. This suggests that the upward momentum is still strong and likely to continue. With support from various technical indicators, USDJPY is poised to extend its upward movement, testing higher resistance levels soon.
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On the 15-minute time frame, a combination of signals from the Moving Average (MA) and the Commodity Channel Index (CCI) presents an opportunity for USDJPY to ascend. The rising MA line indicates a robust short-term bullish trend, while the CCI remaining above 100 signifies a predominant buying momentum. These two indicators support each other, indicating that the upward price potential for USDJPY remains open to test 147.745.
Technical Reference: buy when above 144.410
Potential Take Profit 1: 147.150
Potential Take Profit 2: 147.745
Potential Stop Loss 1: 144.955
Potential Stop Loss 2: 144.410
