The USDJPY pair is displaying remarkable upward trend strength on the 1-hour time frame, buoyed by a distinctly formed bullish channel that is guiding prices to higher levels. This price structure indicates that buyers continue to dominate the market, with any price corrections being viewed as opportunities to add to long positions. As long as the price remains within the channel and does not break through the lower line, which acts as a dynamic support, the potential for further upward movement remains very promising.
From the indicator perspective, the Moving Average (MA) line is sharply inclined upwards, reinforcing the short-term bullish bias. Additionally, the MACD indicator is persistently in positive territory and has yet to show any signs of negative divergence, indicating that the momentum for upward movement is still intact. This technical combination suggests that USDJPY is poised to continue its rally.
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Examining the USDJPY on the 15-minute time frame reveals a potential continuation of the upward trend, supported by the formation of a bullish trendline that consistently withstands downward pressure. As we enter the European session, the ZigZag indicator begins to create a higher high and higher low pattern, illustrating strengthening price structure. Meanwhile, the upward-moving Moving Average (MA) further bolsters the technical signal that buying momentum is on the rise. Given this technical support, USDJPY is likely to continue its ascent in the near term to test the resistance level at 148.090.
Technical Reference: buy when above 147.220
Potential Take Profit 1: 147.955
Potential Take Profit 2: 148.090
Potential Stop Loss 1: 147.340
Potential Stop Loss 2: 147.220
