The USDJPY currency pair is currently poised for potential upward movement following a rebound from the lower Bollinger Bands. This rebound suggests that the market is beginning to exhibit significant buying pressure, indicating possible further increases ahead.
Additional technical indicators also align with this forecast, as the price remains above a key support level within a bullish channel. With a generally positive market sentiment and confirmation from both the Bollinger Bands and the channel patterns, the USDJPY is likely to continue its ascent.
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Aligned with the one-hour chart analysis, the 15-minute chart also indicates a potential rise, as the moving average is currently positioned below the running price, further enhancing the bullish prospects for USDJPY. If this scenario holds true, the pair may rise to test the resistance level at 158.435.
Technical Reference: buy as long as it remains above 157.750
Potential Take Profit 1: 158.355
Potential Take Profit 2: 158.435
Potential Stop Loss 1: 157.855
Potential Stop Loss 2: 157.750
