The USDJPY pair continues to exhibit bullish signals as we approach the US session this evening (January 23, 2025), following a successful breakout from a constraining bearish channel. This breakout acts as a strong indicator that the market trend could potentially shift towards an upward trajectory. In technical analysis, such scenarios are often viewed as significant opportunities for a price rally to higher levels.
The MACD indicator further enhances this bullish outlook, as the MACD line has successfully ascended above the signal line. Moreover, the consistently increasing positive histogram indicates robust bullish momentum. The combination of the breakout from the bearish channel along with the bullish confirmation from the MACD provides a clear signal that USDJPY has significant potential for further upward movement.
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On the 15-minute chart above, USDJPY illustrates a promising upward opportunity after breaking out of the bearish channel, suggesting a potential trend reversal towards bullish. The MACD indicator also presents positive signals, with the MACD line positioned above the signal line and the histogram reflecting positive values. If the projected scenario unfolds, USDJPY may test the resistance level at 156.500.
Technical Reference: buy if maintained above 155.725
Potential Take Profit Level 1: 157.000
Potential Take Profit Level 2: 157.285
Potential Stop Loss Level 1: 156.030
Potential Stop Loss Level 2: 155.725
