The USDJPY pair on the hourly chart continues its upward surge after successfully breaking free from a bearish high resistance channel, indicating a shift towards a more favorable price structure. This breakout has allowed the price to reach a new high, reinforcing the continuation of the uptrend pattern, with buying pressure clearly dominating market movements.
From a technical perspective, the upward-trending Moving Average, the ZigZag pattern forming an uptrend, and the CCI indicator rebounding from the oversold zone provide further confirmation of the bullish bias for USDJPY. This combination of signals creates opportunities for USDJPY to extend its gains into higher territory, provided that the price remains above the breakout level and does not revert back into the previous bearish channel.
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The USDJPY on the 15-minute chart illustrates continued upward potential, as the price has successfully breached the bullish high resistance channel and rebounded from the lower Bollinger Bands, reflecting renewed buying pressure. This scenario opens the door for USDJPY to enhance its strength and test the resistance level at 156.820, as long as the bullish momentum is maintained and the price holds above the nearest support zone.
Technical Reference: buy while above 156.820
Potential Take Profit 1: 157.865
Potential Take Profit 2: 157.115
Potential Stop Loss 1: 157.055
Potential Stop Loss 2: 156.820
