The USDJPY currency pair displays signs of a potential trend reversal after successfully breaking through the upper boundary, followed by a correction towards the middle line of the Bollinger Bands. This pullback to the mid-level indicates that the market is searching for equilibrium before committing to its next direction. This scenario is further intensified by the occurrence of a higher low pattern, which could signal an early indication of a trend reversal.
The Stochastic indicator, currently residing in the oversold region, boosts the likelihood of a trend change. This condition suggests that selling momentum has diminished, allowing buyers to gradually re-enter the market. Should this indicator start to show upward movement from the oversold level, USDJPY is poised for further gains.
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The USDJPY indicates potential upward movement after breaking out of the bearish channel on the 15-minute chart, suggesting a possible short-term trend change. This breakout signifies a weakening of selling pressure and the beginning of buyer dominance. Furthermore, with prices now above the Moving Average (MA), the chances for a bullish test of the resistance level at 152.560 are strengthened.
Technical Reference: buy as long as it remains above 151.255
Potential Take Profit 1: 152.345
Potential Take Profit 2: 152.560
Potential Stop Loss 1: 151.480
Potential Stop Loss 2: 151.255
