The USDJPY currency pair is currently demonstrating strong upward momentum, remaining firmly within a bullish channel. This pattern indicates a consistent upward trend, reinforced by the Moving Average (MA) and MACD indicators that support the bullish outlook.
The Moving Average suggests that the price is trading above the diagonal line, signaling robust support from a short-term trend. Concurrently, the MACD is displaying a positive signal, with the MACD line positioned above the signal line and an expanding histogram, illustrating a growing bullish momentum.
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Similarly, an analysis of the hourly chart aligns with this perspective. The 15-minute chart also presents an opportunity for upward movement as the MA indicates an upward trajectory and the CCI is rebounding from the oversold zone, further enhancing the potential for an increase in USDJPY. If the scenario unfolds as expected, USDJPY may rise to test the resistance level at 158,200.
Technical References: buy if trading above 157,330
Potential Take Profit Level 1: 158,020
Potential Take Profit Level 2: 158,200
Potential Stop Loss Level 1: 157,520
Potential Stop Loss Level 2: 157,330
