The USDJPY currency pair indicates further downside potential as prices have dipped into the lower Bollinger Bands, signaling sustained selling pressure. A limited rebound around this level reinforces the downtrend scenario, with prices likely to move toward the subsequent lower band. Should the prices break through the key support level, a deeper decline could ensue.
The MACD indicator also provides increasingly clear bearish signals, with the MACD line trending downward and positioned below the signal line. This suggests that the momentum of the decline is gaining strength, with potential for even lower price movements in the short term. The MACD histogram reflecting negative values further confirms the prevailing selling pressure.
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The USDJPY remains entrenched in a bearish channel, with the Bollinger Bands tilting downwards on the 15-minute timeframe, indicating a growing dominance of selling pressure. Prices persisting below the middle Bollinger Bands imply that the bearish momentum is still robust, while the widening bands suggest an increase in volatility that could hasten the decline further down to test the support level at 146.625.
Technical Reference: sell while below 148.750
Potential Stop Loss 1: 148.420
Potential Stop Loss 2: 148.750
Potential Take Profit 1: 147.025
Potential Take Profit 2: 146.625
