The USDJPY pair is experiencing a robust strengthening momentum, supported by a price structure that consistently forms an upward pattern. The trend direction remains intact, with price movements steadily approaching critical resistance levels. The dominance of buyers shows no signs of weakening, and the short-term technical structure bolsters the potential for a breakout towards higher levels.
As we approach the US trading session tonight, the chances of a breakout are widening significantly as market volume increases along with heightened buying interest. The direction of technical indicators is still favorable for the upward trend, reinforcing the short-term bullish outlook. If buying pressure remains consistent, USDJPY may surpass the nearest resistance level and pave the way for further rallies towards the next technical target area.
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On the 15-minute timeframe, USDJPY is beginning to show the potential for a continuation of the upward trend, as a bullish trendline has formed, consistently holding back downward pressure. In the European session, the ZigZag indicator is starting to craft a higher price structure, while the Moving Average (MA) line is also trending upward, providing early signals that the upward momentum is regaining strength. This technical combination opens up opportunities for USDJPY to continue moving upward in the near term to test the resistance level of 147.885.
Technical References: buy while above 146.920
Potential Take Profit 1: 147.710
Potential Take Profit 2: 147.885
Potential Stop Loss 1: 147.095
Potential Stop Loss 2: 146.920
