On the 1-hour chart, the bullish channel remains clearly visible, directing the USDJPY movement in a consistent upward trend. The price continues to oscillate within the upper and lower bounds of the channel, reflecting the strength of buyers who continue to dominate the market. The formation of higher highs and higher lows further reinforces the signal that the upward trend is still ongoing, presenting the opportunity for further rallies as long as the price does not break below the lower boundary of the channel.
Technical signals also strengthen the potential for an increase. The Moving Average (MA) line continues to trend upward, indicating that the short-term trend remains under the control of buyers. Additionally, the MACD indicator is situated in the positive zone, reflecting that the bullish momentum is still intact. As long as this condition persists, USDJPY has a significant chance of continuing its rise towards the next technical resistances.
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On the 15-minute time frame, the USDJPY movement still shows potential for an increase as the Moving Average (MA) points upward, providing a strong indication that the short-term trend remains dominated by buyers. Furthermore, the MACD indicator remains in the positive area, confirming that the bullish momentum has not weakened. The combination of these two signals enhances the prospects for USDJPY to continue its upward rally in the near term, especially if significant selling pressure does not occur near the upcoming resistance testing at 149.325.
Technical Reference: buy while above 148.200
Potential Take Profit 1: 149.100
Potential Take Profit 2: 149.325
Potential Stop Loss 1: 148.445
Potential Stop Loss 2: 148.200
