The USDJPY currency pair is poised for further increases after undergoing a correction towards the middle bands of the Bollinger Bands, which often acts as a dynamic support level. This correction presents an opportunity for the price to consolidate before resuming its upward trajectory.
Moreover, the Stochastic indicator is currently in an oversold condition, indicating that selling pressure may have peaked, and prices could potentially begin to rise once again. This situation suggests that the bearish momentum is starting to weaken and buyers are gearing up to reclaim market control.
Recommended
Recommended
Recommended
Recommended
The USDJPY shows promising upward potential on the 15-minute time frame, bolstered by the Moving Average (MA) and Commodity Channel Index (CCI) indicators. The current price is above the MA, which acts as dynamic support and indicates a short-term bullish trend. Additionally, CCI is starting to move into positive territory, reflecting that buying momentum is beginning to strengthen after preceding oversold conditions. This scenario suggests that selling pressure has subsided, and prices may continue to rise.
Technical Reference: buy while above 148.980
Potential Take Profit 1: 150.200
Potential Take Profit 2: 150.470
Potential Stop Loss 1: 149.220
Potential Stop Loss 2: 148.980
