The bullish channel for USDJPY continues to exhibit significant resilience, signifying that the potential for an upward movement on the 1-hour timeframe remains robust. Despite the price momentarily breaching previous lows—a sign of a brief correction—this low break has proven insufficient to alter the main trend’s trajectory. The buyers have successfully pushed prices back upwards, reintegrating USDJPY into the bullish channel structure, thereby affirming that seller resistance has not been enough to disrupt the existing upward trend.
Support from technical indicators further enhances the likelihood of continued strength. The Moving Average is beginning to trend upwards again, while the Zigzag pattern demonstrates a consistent upward structure, indicating the formation of a new uptrend wave. With this combination, the bullish outlook for USDJPY this afternoon in the European session is strengthening. As long as the price remains within the bullish channel, buyers are expected to maintain control in the short term.
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On the 15-minute timeframe, the bullish channel continues to guide the upward movement of USDJPY, ensuring that the intraday trend structure remains on a positive path. The increasingly rising Moving Average and the Stochastic rebound from the oversold zone provide additional confirmation that bullish momentum remains strong. With this solid technical support, USDJPY has the potential to continue strengthening towards the next significant resistance area around the 155.955 level.
Technical Reference: buy as long as above 154.925
Potential Take Profit 1: 155.710
Potential Take Profit 2: 155.955
Potential Stop Loss 1: 155.150
Potential Stop Loss 2: 154.925
