The USDJPY pair is showing signs of a potential reversal after failing to create new lower high (LH) and lower low (LL) formations on the 1-hour timeframe. This failure indicates a crucial signal that selling pressure is diminishing, revealing that the market is unable to maintain its previous downward trend. Prices have started to move upwards, bolstered by the upward trajectory of the Moving Average (MA) line, reflecting a shift in momentum towards a bullish trend.
Additional technical support comes from the MACD indicator, which is currently in positive territory, confirming that buyers are beginning to regain control of the market. This scenario enhances the chances for USDJPY to continue its upward movement in the short term. As long as the price remains above the nearest support level, the potential for further strengthening keeps the target aimed at the next resistance area.
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The bullish channel continues to accompany the rise in USDJPY on the 15-minute timeframe, indicating a persistent upward trend. The upward-moving Moving Average (MA) signifies ongoing buying pressure dominating the market. Further support is provided by the MACD indicator, which remains in positive territory, signaling a robust bullish momentum. With this combination of technical signals, USDJPY stands a good chance of continuing its rise and testing the crucial resistance zone around 148.630.
Technical Reference: buy while above 147.690
Potential Take Profit 1: 148.415
Potential Take Profit 2: 148.630
Potential Stop Loss 1: 147.890
Potential Stop Loss 2: 147.690
