The USDJPY currency pair exhibits promising signs of a continued upward trend on the one-hour timeframe, supported by a range of technical indicators working in harmony. The Zigzag indicator has formed a pattern of higher highs and higher lows, indicating a consistently developing uptrend. Furthermore, the current price residing above the Moving Average (MA) reinforces the notion that buying pressure remains dominant. An upward-sloping MA also serves as a signal that market sentiment towards USDJPY is likely positive in the short term.
In conjunction with these observations, the MACD indicator bolsters the bullish scenario with the MACD line positioned above the signal line, and the histogram consistently recording positive values. This suggests that the upward momentum is still active and does not show signs of weakening. With all three indicators—Zigzag, MA, and MACD—pointing in the same direction, the chances for USDJPY to continue its ascent appear highly favorable.
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Shifting to the 15-minute timeframe, USDJPY exhibits potential for growth as the Moving Average (MA) begins to trend upwards and the prices move above it, signaling an initial indication of a trend shift towards bullish. Conversely, the CCI indicator has emerged from the oversold area, suggesting a recovery in buying momentum following prior selling pressure. The combination of these two signals reinforces the likelihood of a short-term rebound, providing USDJPY the opportunity to test the resistance level at 149.110.
Technical Reference: Buy while above 146.930
Potential Take Profit 1: 148.645
Potential Take Profit 2: 149.110
Potential Stop Loss 1: 147.355
Potential Stop Loss 2: 146.930
