The USDJPY currency pair continues to showcase a robust upward trend, indicated by the clear formation of Higher Highs (HH) and Higher Lows (HL) on the 1-hour timeframe. This price pattern signals ongoing buying pressure, driving the price toward higher levels. The Moving Average (MA) line is also trending upwards, supporting the bullish signal and suggesting that the market is stabilizing in a short to medium-term uptrend phase.
Interestingly, even though buying pressure is on the rise, technical indicators are in the oversold territory, which could serve as an additional catalyst for further upward momentum. This situation provides room for additional price recovery, as larger market players tend to view limited corrections as opportunities to re-enter buying positions. As long as this trend persists, USDJPY has the potential to break through important resistances.
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On the 15-minute timeframe, the USDJPY movement is showing signs of continued upward trend, as a consistent bullish trendline has formed, resisting downward pressure. The ZigZag indicator is starting to create a higher price structure, while the Moving Average (MA) is also trending upwards, providing an early signal that the rising momentum is strengthening again. This technical combination opens the door for USDJPY to continue its upward movement in the near future, testing the resistance level of 147.250.
Technical Reference: Buy when above 146.365
Potential Take Profit 1: 147.090
Potential Take Profit 2: 147.250
Potential Stop Loss 1: 145.480
Potential Stop Loss 2: 146.360
