The USDJPY has been signaling a bullish trend during the European session this afternoon (January 23, 2025) after it successfully broke free from the bearish channel that had previously constrained its price movements. This breakout serves as a strong indication that the market trend may be reversing towards an upward trajectory. In technical analysis, such scenarios are often viewed as significant opportunities for further price rallies to higher levels.
Additionally, the MACD indicator reinforces this positive outlook as the MACD line has crossed above the signal line. The consistently increasing positive histogram further indicates solid bullish momentum. The combination of the breakout from the bearish channel and the bullish confirmation from the MACD sends a clear signal that USDJPY could have substantial potential for further increases.
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The USDJPY appears poised for an upward move on the 15-minute chart, following the breakout from the bearish channel, indicating a potential trend shift towards bullish. The MACD indicator also shows a favorable sign, with the MACD line positioned above the signal line and the histogram exhibiting positive values. If this scenario unfolds as expected, USDJPY could likely test the resistance level of 156.500.
Technical Reference: buy if above 155.725
Potential Take Profit 1: 157.000
Potential Take Profit 2: 157.285
Potential Stop Loss 1: 156.030
Potential Stop Loss 2: 155.725
