USD/JPY Set for Further Upsurge Following Lower Bollinger Bands Rebound

The USD/JPY currency pair currently presents a promising outlook for strengthening after bouncing back from the lower Bollinger Bands. This rebound signifies that the market is beginning to exhibit considerable buying pressure, indicating potential for further ascent.

Other technical indicators also corroborate this prediction, as the price is trading above a key support level within a bullish channel. Given the overall favorable market conditions and confirmation from the Bollinger Bands along with the channel pattern, the USD/JPY is likely to continue its upward trajectory.

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Aligning with the analysis on the hourly chart, the 15-minute chart also suggests an upward opportunity as the moving average is currently positioned below the running price, enhancing the potential for an increase in USD/JPY. If this scenario unfolds, the pair may test the resistance level at 158.635.

Technical Reference: Buy while above 157.900
Potential Take Profit 1: 158.520
Potential Take Profit 2: 158.635
Potential Stop Loss 1: 158.055
Potential Stop Loss 2: 157.900