The USDJPY pair is currently facing significant selling pressure, as indicated by the price structure that is forming Lower High (LH) and Lower Low (LL). This pattern signifies an ongoing bearish trend, with sellers increasingly dominating the market. Every attempt at a rebound seems to falter, resulting in the establishment of lower highs, reinforcing the notion that selling interest continues to control price movements.
On the technical analysis front, the Moving Average (MA) line displays a sharp downward slope, supporting signals for further declines. Meanwhile, the MACD indicator remains in negative territory, reinforcing the belief that bearish pressure is far from over. As long as the LH-LL structure persists without any significant reversal, the possibility for USDJPY to continue its decline remains open, targeting the next support levels.
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On the 15-minute time frame, USDJPY is under strong pressure from an active bearish channel that is constraining price movements. The downward trajectory of the Moving Average (MA) and the MACD indicator starting to weaken in negative territory suggest that selling momentum is gaining strength. This technical convergence opens the door for further declines, with a near-term test of the closest support level at 145.560.
Technical Reference: sell below 146.700
Potential Stop Loss 1: 146.700
Potential Stop Loss 2: 146.920
Potential Take Profit 1: 145.750
Potential Take Profit 2: 145.560
