The USDJPY pair exhibits potential for further continuation of a bullish trend on the 1-hour time frame, highlighted by the formation of consistent Higher High (HH) and Higher Low (HL) patterns. This structure indicates the prevailing dominance of buyers pushing prices to higher levels, reinforcing the positive sentiment in the short term. As long as this pattern remains intact, the price movement is likely to maintain an upward bias, potentially targeting the next resistance level.
From a technical indicator perspective, the Moving Average (MA) is currently ascending sharply, signaling robust buying momentum. Furthermore, the MACD indicator is residing in positive territory, confirming that the uptrend strength remains dominant. The combination of this price structure and indicators suggests that USDJPY is poised to continue its rally, especially if prices can stay above the nearest support area formed from the previous HL structure.
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On the 15-minute time frame, USDJPY demonstrates a consistent upward pattern, where the ZigZag indicator continues to create points of higher low (HL) and higher high (HH), forming a well-defined bullish channel. This structure reflects a stable uptrend, reinforced by the MACD indicator which confirms bullish momentum as the MACD line remains above the signal line and moves within positive territory. As long as this pattern endures without significant pullback pressure, USDJPY has the opportunity to advance further, testing the resistance at 146.665.
Technical Reference: buy while above 145.570
Potential Take Profit 1: 146.480
Potential Take Profit 2: 146.665
Potential Stop Loss 1: 145.765
Potential Stop Loss 2: 145.570
