The USDJPY pair is beginning to exhibit signs of a directional reversal after failing to establish a new downtrend characterized by lower high (LH) and lower low (LL) patterns on the hourly chart. This failure indicates that the selling pressure is subsiding, suggesting a reduction in the ability of sellers to continue the downward trend. Consequently, the price is starting to increase, bolstered by the upward direction of the Moving Average (MA), which signals the potential onset of a bullish trend.
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From a technical perspective, the MACD indicator, now situated in positive territory, supports the notion that buyers are beginning to take control of the market. As long as prices remain above the nearest support level, the likelihood of further upward movement remains viable, targeting the next resistance level. On the 15-minute time frame, a bullish channel continues to dominate price movements. The persistent rise of the MA along with the MACD settling in positive territory further confirms that the bullish momentum is still robust. With these signals in play, USDJPY could continue its upward trajectory towards the resistance zone at 148.630.
Technical Reference: buy while above 147.465
Potential Take Profit 1: 148.415
Potential Take Profit 2: 148.630
Potential Stop Loss 1: 147.690
Potential Stop Loss 2: 147.465
