The USDJPY currency pair continues to exhibit positive movement as prices remain within a bullish channel. This pattern suggests that the upward trend remains strong, supported by the lower boundary of the channel, which maintains robust bullish momentum.
Moreover, technical indicators such as Moving Average (MA) indicate that the price is trading above the average, reaffirming the positive sentiment. The MACD is also signaling a bullish trend with the MACD line positioned above the signal line and the histogram in the positive territory, indicating that buying pressure is prevailing.
Consistent with the analysis shown on the one-hour chart, the 15-minute chart above also indicates an upward opportunity as the MA trend is upwards, and the CCI has successfully rebounded from the oversold zone, enhancing the likelihood of an increase in USDJPY. If the current scenario plays out, USDJPY has the potential to rise and test the resistance level of 157.940.
Technical Reference: buy as long as it holds above 155.025
Potential Take Profit 1: 157.470
Potential Take Profit 2: 157.940
Potential Stop Loss 1: 155.430
Potential Stop Loss 2: 155.025
