The USDJPY pair has emerged as a notable contender, exhibiting a remarkable surge in price throughout the year. This unyielding bullish momentum has proven to be a defining characteristic, with each pullback met by resolute upward thrusts, underscoring the strength of buyer sentiment in the market. Notably, recent developments have seen buyers successfully breach the formidable resistance zone situated at 152.030, signalling a sustained upward trajectory.
The enduring bullish trajectory of USDJPY is unmistakable, with the previous year concluding at the demand level of 140.20. A shift in market structure was established at the demand zone with a double-bottom reversal pattern.
The bullish reversal was further validated by signals from technical indicators such as the Stochastic and the Hull Butterfly Oscillator, both of which indicated oversold conditions at the end of the previous year. The combination of both indicators, along with the price action, gave forex signals high precision. Apparently, the price has been on a consistent rise, although a brief dip into oversold territory occurred in March. The subsequent pullback revitalized bullish momentum, propelling the pair to new heights.
Short-Term Trend: Bullish
Zooming in on the short-term perspective, USDJPY maintains its upward trajectory. Recent price action on the 4-hour timeframe reveals a test of a supporting trendline, hinting at potential reinforcement of bullish momentum. Currently, traders are keenly watching for a decisive breakthrough of the resistance level at 154.50, which could pave the way for further upward movement.
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Short-Term Trend: Bullish 
Short-Term Trend: Bullish 
