The USDJPY currency pair exhibits a strong bullish trend that has intensified on the 1-hour timeframe, characterized by prices consistently moving within an upward channel. The ZigZag pattern forming a structure of higher highs and higher lows confirms that buyer dominance remains intact, while a flattening Moving Average still oriented upwards indicates a recovery in buying momentum. This scenario suggests that the upward trend is not yet over and the market still has room for further gains.
Additional bullish confirmation arises from the CCI indicator, which is situated in the oversold region, signaling that selling pressure is starting to weaken, thereby increasing the chances of a rebound. The interplay of the bullish channel, the uptrend ZigZag pattern, and the oversold CCI significantly strengthens the bullish outlook for USDJPY in the near term. With this robust technical support, USDJPY is poised to continue its upward movement, aiming to test the nearest resistance as the next target.
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USDJPY’s price shows a shift in momentum after successfully breaking through the upper boundary of a bearish channel, suggesting a decline in previous selling pressure. The Moving Average is currently trending upwards, reinforcing the reversal signal, while the MACD remains in positive territory, emphasizing the strengthening bullish push. With this technical combination, USDJPY holds the potential to extend its rise and is preparing to test the important resistance level at 157.090.
Technical Reference: buy while above 156.480
Potential Take Profit 1: 157.000
Potential Take Profit 2: 157.090
Potential Stop Loss 1: 156.595
Potential Stop Loss 2: 156.480
