The currency pair USDJPY is presenting signs of a potential reversal after clearly forming a double bottom pattern on the intraday time frame. This pattern is recognized as a technical formation that indicates a trend reversal from bearish to bullish, especially if the neckline is broken with increasing volume. In this instance, prices have started to ascend from a strong support level, reinforcing the notion that buyers are reasserting their control over the market and signaling the initial potential for further gains.
Adding to the confidence in the potential rally, the stochastic indicator is showing a rebound from the oversold territory and is now trending upwards, reflecting the resurgence of buying momentum. The combination of a robust chart pattern and confirming indicator establishes a solid technical foundation for USDJPY to continue its upward movement. As long as prices remain above the support level established by the double bottom pattern, the chances of advancing towards subsequent resistances will continue to broaden.
Recommended
Recommended
Recommended
Recommended
Movement in USDJPY on the 15-minute time frame is clearly indicating strengthening signals as the Moving Average (MA) line starts to curve upwards, supporting the short-term trend. Additional confirmation is provided by the OsMA indicator, which is hovering above the zero line, reflecting a strengthening bullish momentum. This combination of indicators signals that buyers are beginning to dominate the market, opening up opportunities for USDJPY to advance towards a resistance level of 144.575.
Technical References: buy while above 141.670
Potential Take Profit 1: 143.980
Potential Take Profit 2: 144.575
Potential Stop Loss 1: 142.205
Potential Stop Loss 2: 141.670
