USDJPY has once again showcased its bullish strength by successfully breaching the resistance level of the bearish channel on the one-hour chart. This breakout serves as a significant signal indicating that selling pressure is beginning to wane and the upward trend is regaining its momentum. The price movement escaping from the prior pressure pattern suggests potential for further increases, particularly if the buyers can maintain their push.
Technical support is additionally provided by the position of the Moving Average (MA), which currently sits below the running price, reinforcing the bullish bias. Meanwhile, the MACD indicator, residing in the positive territory, further confirms the potential for upward movement. With this combination of technical signals, USDJPY is poised to continue its upward trend in the short term, with the next resistance target set at a higher level.
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USDJPY is forming a bullish channel on the 15-minute chart, indicating that the upward trend remains intact even though the Moving Average (MA) appears to be flattening out. As long as prices stay above the channel support, the potential for an upward movement continues to exist, with a target for the nearest resistance at around 148.885.
Technical Reference: buy as long as it is above 148.125
Potential Take Profit 1: 148.740
Potential Take Profit 2: 148.885
Potential Stop Loss 1: 148.270
Potential Stop Loss 2: 148.125
