The USDJPY currency pair is displaying robust rebound potential after successfully breaking through the upper limit of the bearish channel that has restrained its price movement. This breakout indicates that selling pressure is beginning to wane, creating opportunities for buyers to regain control of the market.
This positive signal is further supported by the Stochastic indicator, which lies in the oversold territory, suggesting that prices have reached a saturation point in selling and may be poised for recovery. If bullish momentum continues, USDJPY could test the next resistance level as a target for further gains.
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USDJPY has the potential to extend its strength after prices managed to stay above the bullish trendline, indicating that an upward trend is still intact. Additionally, the Commodity Channel Index (CCI), which has rebounded from the oversold area, further reinforces this upside potential. The CCI rebound signifies that bearish momentum is diminishing, allowing buyers a chance to dominate the market again. With this confirmation, USDJPY could aim for the resistance level of 149.415.
Technical Reference: buy as long as above 147.915
Potential Take Profit 1: 148.215
Potential Take Profit 2: 149.415
Potential Stop Loss 1: 148.135
Potential Stop Loss 2: 147.915
