USD/JPY – 1H – BUY

The 1H USD/JPY chart has fired a cluster of bullish signals, including a CCI oversold exit, a retreat up from the lower Bollinger Band, a TEMA break up, a Fibonacci retracement up trend at the 79% level, a Long Line Bullish candlestick, and a retreat up from a support level. Together, these indicate a potential short-term bounce or reversal to the upside within a broader bearish trend. The confluence of multiple indicators and patterns at a key support area suggests that buyers are stepping in, and the market may be poised for a corrective move higher.

However, the trend across all timeframes is bearish, with very strong downward momentum on the 30m, 1H, and 2H charts. This suggests that any upside move is likely to be a counter-trend rally rather than a full trend reversal. The nearest resistance at 160.87200 is a critical level to watch; a break above it could signal a stronger reversal, while a failure to break it may lead to a resumption of the downtrend. The nearest support at 157.96900 is the key level to hold for the bullish case to remain valid.