The USDJPY currency pair is displaying encouraging signs with the establishment of a bullish trendline on the price chart, indicating a potential continuation of the upward trend following a brief consolidation. The price has successfully recorded higher lows, further solidifying this bullish pattern. Additionally, the Zigzag indicator is starting to show upward movement, confirming that the upward momentum may persist. This pattern suggests potential target gains in the upcoming sessions, especially if the price remains above the established support level.
As long as the price can maintain the support level and continue trading above the bullish trendline, there is a possibility for USDJPY to test the nearest resistance and continue its bullish movement.
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On a 15-minute timeframe, USDJPY exhibits strong signals for a potential upward continuation as the Moving Average (MA) line begins to trend bullish, indicating a shift towards a positive trend. Furthermore, the MACD indicator supports the upside potential, with the MACD line starting to rise and nearing the bullish crossover area. These two factors depict that buying pressure is starting to dominate the market, and if the price continues to stay above the MA, USDJPY may strengthen towards the resistance level of 145.340.
Technical Reference: buy above 145.045
Potential Take Profit 1: 145.045
Potential Take Profit 2: 145.340
Potential Stop Loss 1: 143.600
Potential Stop Loss 2: 143.295
