The USDJPY continues to operate within a bearish channel, indicating that selling pressure is still prevalent. The price remains beneath the dynamic resistance created by the upper trend line of the channel, suggesting it’s challenging for buyers to reverse the trend. Furthermore, the price’s position below the 24-period Moving Average (MA) further confirms the seller’s dominance.
The MACD indicator also remains in negative territory, with a weakening histogram, signifying that the bearish momentum has not yet diminished. In the short term, USDJPY needs to break the nearest support level to accelerate its downward trend. Should the price successfully breach this level, the next target will be in a deeper support zone, corresponding with the lower boundary of the bearish channel.
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The USDJPY continues to be entrenched in a bearish channel, reflecting dominant selling pressure. Although the Stochastic indicator is in the oversold territory, there are still no strong signals of a reversal, leaving the possibility for prices to continue their decline. As long as the price stays under the dynamic resistance from the upper trend line of the channel, the bearish scenario remains valid. If selling pressure persists, USDJPY has a chance to breach the nearest support level at 148.725.
Technical Reference: sell while below 150.235
Potential Stop Loss 1: 149.985
Potential Stop Loss 2: 150.235
Potential Take Profit 1: 148.965
Potential Take Profit 2: 148.725
