The USDJPY pair continues to display robust upward momentum as its price stabilizes within a bullish channel on the hourly chart. The consistent movement above the Moving Average (MA) line reinforces the notion that positive momentum is intact. The ZigZag pattern forming a structure of Higher Highs and Higher Lows further solidifies the dominance of bulls in the market, indicating that buying pressure is still supporting the ongoing upward trend. As long as the price remains above this dynamic support zone, the opportunity for USDJPY to press higher remains available.
On the momentum indicator front, the MACD positioned in positive territory adds further confirmation of the prevailing bullish strength. This situation highlights a healthy buying impulse and the potential for further gains toward the nearest resistance. Unless there is a significant decrease below the main support, the short-term upward trend is expected to persist, with the next target set at a higher resistance level during the upcoming trading sessions.
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On the 15-minute timeframe, USDJPY is beginning to form a bullish channel, suggesting the initial potential for price strengthening. The CCI indicator in oversold territory reveals the possibility of a new buying wave, while the gradually flattening and slightly upward-trending Moving Average (MA) signals that upward momentum is slowly taking shape. With this combination of technical signals, USDJPY is likely to continue its upward movement to test the nearest resistance level around 154.285.
Technical Reference: buy while above 153.180
Potential Take Profit 1: 154.135
Potential Take Profit 2: 154.285
Potential Stop Loss 1: 153.330
Potential Stop Loss 2: 153.185
