The USDJPY has successfully breached the resistance line within the bearish channel pattern, signaling a potential reversal towards a bullish trend. This breakout is corroborated by the current price movement above the 24-period Moving Average (MA), which acts as a dynamic support. This scenario illustrates that the upward momentum is gaining strength.
Furthermore, the MACD indicator is exhibiting a golden cross, where the MACD line crosses above the signal line, thereby reinforcing the bullish potential. With this combination of technical factors, USDJPY has a chance to continue its ascent towards the next resistance level at significant psychological thresholds.
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USDJPY showcases bullish potential after the price ascended above the midpoint of the Bollinger Bands on the 15-minute timeframe, indicating a strengthening bullish sentiment. The widening of the bands, coupled with increasing buy volume, further solidifies this upward movement. Should the bullish momentum persist, USDJPY could target the resistance level of 148.865.
Technical Reference: buy as long as it remains above 147.610
Potential Take Profit 1: 148.680
Potential Take Profit 2: 148.865
Potential Stop Loss 1: 147.820
Potential Stop Loss 2: 147.610
