USDJPY is showing a robust upward trend, supported by a bullish channel that consistently bolsters price movements upwards. In recent trading sessions, USDJPY has maintained its positive momentum, and technical analysis indicates that the potential for further increases remains significant.
The Moving Average (MA) indicator provides clear bullish signals, with the moving average positioned below the current price. This indicates that the upward trend is still dominant and instills confidence in traders to take long positions. Additionally, the Stochastic indicator is also reflecting positive signals, with values in the oversold territory starting to rise. This suggests that there is potential for higher price movements in the near future.
Similarly, the analysis on the hourly chart supports the bullish outlook. The 15-minute chart above also provides upward opportunities as MA trends higher and CCI manages to rebound from the oversold area, enhancing USDJPY’s upward potential. If the scenario unfolds as expected, USDJPY could rise to test the resistance level of 157.680.
Technical Reference: buy while above 155.810
Potential Take Profit 1: 157.300
Potential Take Profit 2: 157.680
Potential Stop Loss 1: 156.155
Potential Stop Loss 2: 155.810
