The USDJPY currency pair is displaying increasingly strong bullish potential. Technical indicators from Moving Averages (MA) and the Moving Average Convergence Divergence (MACD) support the notion that an upward trend is in progress, creating opportunities for further price increases.
Currently, USDJPY is trading above the MA line, suggesting that the short- to medium-term trend is upward. In addition, the upward slope of the MA indicates that the buying momentum is becoming more pronounced, providing a solid foundation for further price ascent.
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This assessment aligns with what is observed in the one-hour chart. The 15-minute chart also indicates that an upward movement is possible as the price has successfully broken out of a bearish channel, with the MACD enhancing the bullish outlook by showing the histogram in positive territory. If this scenario plays out, USDJPY could rise to challenge the resistance level of 156.730.
Technical Reference: Buy while above 155.570
Potential Take Profit Level 1: 156.415
Potential Take Profit Level 2: 156.595
Potential Stop Loss Level 1: 155.705
Potential Stop Loss Level 2: 155.595
