The movement of USDJPY on the 1-hour time frame reveals an intriguing technical pattern, indicating a continuation of the upward trend. After experiencing a temporary setback and forming a Lower Low (LL), the price has successfully bounced off a strong support area marked by a blue horizontal zone, creating a new Higher Low (HL). This suggests that buying pressure is starting to dominate again. The upward channel that was previously breached is being retested, with the price currently situated above the Moving Average line, strengthening the short-term bullish signal.
Additional support comes from the MACD indicator, which has returned to positive territory, with the histogram highlighting strengthening momentum. As long as the price remains above the blue area acting as key support, and both Higher High (HH) and Higher Low (HL) patterns are maintained, the possibility for USDJPY to retest the next resistance level remains very favorable. The primary focus for traders is on the validation of the latest HL structure as a foundation for a more stable upward trend.
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USDJPY indicates a strong potential for an upward trend continuation as the price continues to move within a bullish channel on the 15-minute time frame and maintains a valid upward structure, characterized by consistent patterns of Higher High (HH) and Higher Low (HL). The ZigZag indicator also confirms this pattern by marking swing points that point higher, reiterating that the bullish momentum is still intact. As long as the price stays above the dynamic support area and does not breach below the channel, the chance for further advancement towards the next resistance remains open, making USDJPY a strong candidate for an upward movement soon, targeting resistance at 145.295.
Technical Reference: buy when above 144.265
Potential Take Profit 1: 145.115
Potential Take Profit 2: 145.295
Potential Stop Loss 1: 144.430
Potential Stop Loss 2: 144.265
