The USDJPY currency pair is experiencing a robust upward trend, buoyed by a consistent bullish channel that supports price movements upwards. Over recent trading sessions, USDJPY has successfully maintained its positive momentum, and technical analysis indicates that the potential for further gains remains promising.
Moving Average (MA) indicators are sending clear bullish signals, with the average price positioned below the current price. This situation suggests that the upward trend continues to take precedence, providing traders with confidence to establish long positions. Furthermore, the Stochastic indicator is also offering encouraging signals, with its values in the oversold zone and showing signs of upward movement. This indicates a possibility for price movements to climb higher in the near future.
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Corroborating the one-hour chart analysis, the 15-minute chart also presents bullish opportunities as the MA trends upwards and the CCI manages to recover from the oversold region, enhancing the likelihood of an increase in USDJPY. If this scenario materializes, USDJPY could test the resistance level of 157.680.
Technical Reference: Buy as long as it stays above 155.810
First Potential Take Profit: 157.300
Second Potential Take Profit: 157.680
Potential Stop Loss 1: 156.155
Potential Stop Loss 2: 155.810
