The bullish channel for USDJPY remains robust, indicating that the potential for upward movement in the 1-hour time frame is still solid even after a break low which hinted at a temporary correction. This break low was insufficient to disrupt the main trend structure, as prices quickly rebounded and moved back within the bullish channel. This situation suggests that buyers are still in control and selling pressure has not managed to significantly alter the market direction.
Moreover, technical indicators further reinforce the continuation of the bullish scenario. The Moving Average is starting to trend upwards again, while the ZigZag indicator is forming a consistent upward pattern, indicating the establishment of a new uptrend wave. With this combination of signals, the chances of USDJPY increasing during the European session appear to strengthen, especially if prices can maintain their position within the bullish channel and buyers continue to show dominance.
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The bullish channel continues to support the rise of USDJPY on the 15-minute time frame, indicating that the upward trend structure remains intact. The upward momentum of the Moving Average along with a rebound on the Stochastic indicator from overbought territory signals that the bullish momentum is still on a positive track. Given these technical combinations, USDJPY has the potential to continue strengthening and test a significant resistance level at 155.595.
Technical Reference: buy while above 154.660
Potential Take Profit 1: 155.440
Potential Take Profit 2: 155.595
Potential Stop Loss 1: 154.835
Potential Stop Loss 2: 154.660
