The USDJPY pair on the 1-hour time frame is exhibiting signs of a trend reversal after successfully breaking through the resistance level set by the previously bearish trendline that had confined price movement. This breakout marks the initial indication that selling pressure is diminishing, giving way to increasing buying momentum. The current upward trend of the Moving Average (MA) provides further confirmation that a bullish momentum is indeed forming, shifting the technical bias from negative to positive.
Technical support is becoming more robust as the MACD indicator resides in positive territory, signifying that buyers are now dominating the market. As long as the price remains above the breakout zone, the possibility for continued upward movement remains favorable. This potential strength allows USDJPY to test nearby resistances, and every price retracement can be viewed by traders as an opportunity to enter a buy position as long as the newly established bullish structure is maintained.
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On the 15-minute time frame, USDJPY is showing signs of recovery after successfully breaking out of the bearish channel that has previously pressured the price. This success is bolstered by the MACD indicator, which remains firmly in positive territory, indicating that buyer dominance is starting to take over the market. With this emerging bullish momentum, USDJPY has the opportunity to continue strengthening and test an important resistance level at 148,330.
Technical Reference: buy as long as prices stay above 147,285
Potential Take Profit 1: 148,145
Potential Take Profit 2: 148,330
Potential Stop Loss 1: 147,465
Potential Stop Loss 2: 147,285
