The USDJPY currency pair is showing encouraging signs as it has successfully bounced back from the lower boundary of the Bollinger Bands on the chart. This situation suggests that there is strong buying interest at this level, often considered a reversal point.
This bounce is further supported by the Commodity Channel Index (CCI), which has recovered from the oversold territory, delivering a bullish signal. The convergence of these two indicators indicates a significant opportunity for USDJPY to continue its upward trend.
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Furthermore, USDJPY demonstrates substantial upward trend potential after price action achieved a crossing above the 24-period Moving Average (MA) and is currently maintaining its position above it. This indicates that buying pressure is increasingly prevalent, supporting the chances of an ongoing uptrend within the 15-minute time frame. The upward slope of the MA reinforces the bullish momentum, suggesting that the market may test the resistance level at 153,330.
Technical Reference: buy as long as it remains above 151,845
Potential Take Profit 1: 153,080
Potential Take Profit 2: 153,330
Potential Stop Loss 1: 152,195
Potential Stop Loss 2: 151,845
