The USDJPY currency pair is displaying a solid potential for strengthening, as evidenced by the formation of a bullish channel on the H1 time frame. Currently, prices remain stable above the 24-period Moving Average (MA), which acts as a dynamic support level, indicating that the upward trend is still intact.
Furthermore, the MACD indicator is signaling positive momentum, with the histogram gaining strength in the positive territory and the signal line trending upward. This combination suggests a growing buying momentum, creating opportunities for further price increases towards the nearest resistance level.
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On the 15-minute time frame, USDJPY shows strong bullish potential, with prices currently maintaining stability above an upward trendline. This pattern indicates that the upward trend remains intact in the short term. The ZigZag indicator has formed higher low points, further confirming that a bullish momentum is ongoing. As long as prices stay above the trendline, there is a likelihood of increases towards the resistance level of 150.520.
Technical Reference: buy as long as it remains above 149.995
Potential Take Profit 1: 150.280
Potential Take Profit 2: 150.520
Potential Stop Loss 1: 149.260
Potential Stop Loss 2: 148.995
