USDJPY is displaying a strong bullish technical structure on the 1-hour time frame, particularly during the European session, as prices continue to move steadily within an upward channel (bullish channel). The patterns of Higher Low and Higher High are consistently dominating the price movements, indicating that buyers are still in control of the market. Any corrections observed so far have merely served as accumulation moments before the price rises again, reflecting that buying pressure remains strong and consistent in maintaining the strengthening trend.
The MACD indicator also provides positive confirmation, with the MACD line stabilizing above the zero line and the histogram continuously printing positive values. This indicates that the upward momentum is well-preserved, showing no significant signs of reversal yet. As long as the price holds above the dynamic support area of the channel, USDJPY has a good chance of continuing its upward movement towards the next resistance level, especially if sentiment during the European session remains favorable for the dollar.
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On the 15-minute time frame, USDJPY is also maintaining its upward bias during the European session, with prices remaining above the bullish trendline that has not yet been breached by selling pressure. Support from the upward-oriented Moving Average indicator, along with the ZigZag structure forming a higher low pattern, reinforces the potential for a continuation of the upward trend. As long as the price stays above this trendline, the potential for USDJPY’s strengthening remains wide open, with the next target for an increase set at the resistance area of 149.325.
Technical Reference: buy as long as above 147.955
Potential Take Profit 1: 149.160
Potential Take Profit 2: 149.325
Potential Stop Loss 1: 148.200
Potential Stop Loss 2: 147.955
