The USDJPY has sent increasingly clear technical signals pointing towards strengthening after successfully breaking through the upper boundary of a previously established bearish channel that had held back price increases. This breakout is accompanied by the formation of a Higher Low (HL) and a Higher High (HH) on the 1-hour timeframe, indicating that the bearish trend has shifted towards a bullish trajectory. The strengthening of the US Dollar, alongside a decline in demand for Yen as a safe-haven asset, is contributing to the short-term dominance of buyers.
This buying pressure is also reinforced by the upward trend of the Moving Average (MA), and the MACD indicator, which is currently in positive territory with strengthening histogram values. This indicates that the bullish momentum remains intact, opening up opportunities for USDJPY to continue its ascent towards the next resistance level.
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On the 15-minute chart, USDJPY demonstrates a consistent upward trend, marked by a ZigZag pattern that sequentially forms HL and HH points, establishing a stable bullish channel. This structure indicates that the market is under the control of buyers, with the MACD further confirming the strength of the trend as the main line remains above the signal line. As long as this pattern persists without significant corrective disturbances, USDJPY is likely to test the nearest resistance at approximately 147.455.
Technical Reference: buy when above 146.590
Potential Take Profit 1: 147.295
Potential Take Profit 2: 147.455
Potential Stop Loss 1: 146.765
Potential Stop Loss 2: 146.590
