The USDJPY pair continues to demonstrate a robust upward trend, as evidenced by the formation of clear Higher High (HH) and Higher Low (HL) patterns on the 1-hour timeframe. This price pattern suggests consistent buying pressure driving the price higher. The Moving Average (MA) line, which has started to incline upwards, further supports the bullish signal, indicating that the market is stabilizing in a short to medium-term uptrend. During the European session, buying interest remains predominant, reinforcing the likelihood of a continued upward trend.
Interestingly, even with the rising buying pressure, the MACD indicator, which is in the positive zone, serves as an additional catalyst for sustained upward momentum. This position reflects strong bullish momentum and opens the door for further price recovery, as large market players often capitalize on limited corrections as opportunities to re-enter long positions. As long as this trend is maintained, USDJPY has the potential to break through significant resistances ahead.
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On the 15-minute timeframe, USDJPY is beginning to exhibit the potential for sustained upward movement, marked by the creation of a bullish trendline that has consistently held back downward pressure. In the European session, the ZigZag indicator starts to establish a higher price structure, while the Moving Average (MA) also trends upwards, providing an initial signal that the upward momentum is strengthening again. This technical combination opens up opportunities for USDJPY to continue its ascent in the near term, testing the resistance at 147.795.
Technical Reference: buy as long as above 146.820
Potential Take Profit 1: 147.645
Potential Take Profit 2: 147.795
Potential Stop Loss 1: 146.990
Potential Stop Loss 2: 146.820
