USDJPY is showing signs of continuation in its upward trajectory following a correction towards the middle bands of the Bollinger Bands, which often serves as a dynamic support. This correction allows the price to consolidate before it resumes its upward trend.
Additionally, the Stochastic indicator is currently in an oversold condition, suggesting that selling pressure may have reached its limit and that prices could potentially move higher again. This situation indicates that the bearish momentum is beginning to lose strength, and buyers are poised to retake control of the market.
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The USDJPY is positioned for a rise on the 15-minute time frame, supported by the Moving Average (MA) and the Commodity Channel Index (CCI). The price is currently above the MA, which acts as a dynamic support and indicates a short-term bullish trend. Furthermore, the CCI has begun to move into positive territory, which suggests that buying momentum is strengthening after previously being in oversold territory. This condition implies that selling pressure has subsided, and the price is likely to continue its ascent.
Technical References: buy while above 149.935
Potential Take Profit 1: 151.010
Potential Take Profit 2: 151.220
Potential Stop Loss 1: 150.165
Potential Stop Loss 2: 149.935
