The USDJPY is starting to show early signs of strengthening on the 1-hour time frame after the price rebounded from its lowest point and successfully broke free from the bearish channel. The breakout above the upper boundary of this channel has been accompanied by the formation of a new resistance area, indicating a shift in short-term sentiment from seller dominance to increasing buying interest.
Technical confirmation of the potential rise is evident from the direction of the Moving Average, which has started to turn upwards, aligning with the ZigZag indicator that is forming higher highs and higher lows. As long as the price can maintain above the breakout area and does not fall back into the descending channel, the possibility for a continued upward trend remains open toward the next resistance area.
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On the 15-minute time frame, the bullish momentum of USDJPY becomes more apparent after the price successfully broke through the Bollinger Bands resistance while also exiting the bearish channel. This condition reflects an increase in buyer strength in the short term, therefore USDJPY has the potential to continue strengthening and test the resistance area around 155.950, as long as selling pressure has not regained dominance.
Technical Reference: buy as long as above 155.470
Potential Take Profit 1: 156.185
Potential Take Profit 2: 156.360
Potential Stop Loss 1: 155.650
Potential Stop Loss 2: 155.470
