The USDJPY pair shows potential for continued strengthening after successfully breaking through the upper limit of the bearish channel that previously restrained price increases. This breakout indicates that selling pressure is starting to weaken, providing room for prices to rise further.
Moreover, the Stochastic indicator, indicating an oversold condition, reinforces the potential for a rebound, suggesting that prices are in an oversold area and may reverse direction upwards. The combination of these two signals presents a strong indication that USDJPY is poised to continue its bullish trend in the near future.
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The USDJPY has the potential to further strengthen as the price manages to stay above the bullish trendline, indicating that the ascending trend remains intact. Additionally, the Commodity Channel Index (CCI), which has bounced back from the oversold territory, further supports this potential rise. The rebound of the CCI indicates that the bearish momentum is starting to ease, creating opportunities for buyers to regain control of the market. With this confirmation, USDJPY may test the resistance level of 148.685.
Technical Reference: buy as long as above 147.055
Potential Take Profit 1: 148.470
Potential Take Profit 2: 148.685
Potential Stop Loss 1: 147.295
Potential Stop Loss 2: 147.055
