The USDJPY pair is exhibiting increasingly clear signs of weakening on the 1-hour chart during the US session tonight, as the price has successfully pierced below the lower boundary of the bullish channel (break low). This development suggests that the previous upward trend may be losing momentum, with selling pressure now prevailing in price movements. The downward direction of the Moving Average (MA) further reinforces the indication that a bearish momentum is forming, serving as a preliminary warning for market participants regarding the potential continuation of the downward trend.
The MACD indicator, now pressed into negative territory, serves as an additional confirmation that the likelihood of USDJPY decline has increased. The position of the histogram beneath the zero line illustrates a solid bearish drive, opening the door for prices to continue their descent towards the next support level.
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On the 15-minute chart, the MA is beginning to decline, signaling a weakening of buying pressure, while the MACD has shifted into negative territory, confirming a shift in momentum towards the bearish side. Given this technical alignment, USDJPY has the potential to continue its descent, targeting a low at 146.850.
Technical Reference: sell while below 147.980
Potential Stop Loss 1: 147.810
Potential Stop Loss 2: 147.980
Potential Take Profit 1: 147.015
Potential Take Profit 2: 146.850
