The USDJPY currency pair exhibits a highly bullish technical structure on the 1-hour time frame, with price consistently moving within a well-defined uptrend channel. The recurring patterns of Higher Lows and Higher Highs accompany each price movement, indicating that buyers continue to control the market. Each correction has proven to be a mere accumulation phase, allowing the price to rebound upwards, demonstrating that buying pressure remains robust.
Additionally, the MACD indicator is signaling positively, as the MACD line stays above the zero line and the histogram records ongoing positive values. This suggests that the upward momentum remains strong, showing no significant signs of weakness. As long as the price maintains above the dynamic support level of the channel, USDJPY is likely to continue its upward trend towards the next resistance level.
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On the 15-minute time frame, USDJPY still displays an upward trend, with price holding above the bullish trendline that has yet to be penetrated by selling pressure. The support from the upward-sloping Moving Average along with the ZigZag pattern indicating higher lows further confirms the continuation signal of the bullish trend. As long as the price remains above this trendline, the likelihood of USDJPY strengthening persists, with potential targets for further gains towards the nearest resistance level at 149.325.
Technical Reference: buy above 148.200
Potential Take Profit 1: 149.160
Potential Take Profit 2: 149.325
Potential Stop Loss 1: 148.355
Potential Stop Loss 2: 148.200
