The USDJPY has begun to show signs of recovery after successfully retesting the previous resistance level, which has now turned into support, around a critical point on the 1-hour time frame. This “resistance turning into support” pattern indicates a fresh influx of buying interest following a price correction. A stable price structure above this level strengthens the potential for a bullish reversal. As long as this support holds, further upward momentum remains on the table, particularly if the selling pressure does not resurface.
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Movement in the USDJPY on the 15-minute time frame shows positive signals with the Moving Average (MA) line beginning to trend upwards, indicating that an uptrend is starting to take hold. Prices maintained above the MA bolster signals that buyers are beginning to take control of the market after the preceding corrective phase. If a higher low structure continues to form and selling pressure remains minimal, the USDJPY is likely to progress towards the resistance level of 144.890.
Technical Reference: buy while above 143.125
Potential Take Profit 1: 144.490
Potential Take Profit 2: 144.890
Potential Stop Loss 1: 143.530
Potential Stop Loss 2: 143.125
