USD/JPY Builds Strong Intraday Buy Setup
Date: March 5, 2026
Overview
The technical analysis for USD/JPY indicates a promising buy setup on the H1 chart. The overall market structure is bullish, characterized by a well-defined uptrend supported by a green ascending trendline.
Market Structure
The price action is currently moving in an uptrend, with the trendline having been tested multiple times, serving as a reliable dynamic support. Within this uptrend, three corrective phases have been identified:
- The first two corrections ended with strong bullish reversals after breaking above the red resistance lines that capped those pullbacks.
- Each breakout from these corrections triggered a continuation of the uptrend.
Current Situation
Currently, the market is experiencing a third corrective phase. After bouncing from the green uptrend line, the price is breaking above the red resistance that defined the most recent consolidation. This breakout indicates renewed buying pressure.
Additionally, the price has reacted from a yellow horizontal support area, creating a confluence of bullish signals that strengthens the overall positive outlook for USD/JPY.
Outlook
As long as the USD/JPY pair holds above the recent support area, the sentiment remains positive, favoring further upside movement. However, the bullish scenario would be invalidated if the price breaks below the lows established during the Asian session, which would generate a sell signal instead.