The USDJPY currency pair currently exhibits signs of a potential decline after breaking out of a bearish channel that previously constrained price movement. This breach of the lower limit of the channel suggests increasing selling pressure, hinting at the possibility of further price decreases.
Moreover, the price is now recorded below the lower boundary of the Bollinger Bands, which frequently indicates extreme movements or potential reversals in direction.
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Analyzing the one-hour chart confirms this perspective. The 15-minute chart also suggests a downward opportunity as the price remains within a bearish channel, and the moving average indicator is trending lower, further indicating downward pressure. If this scenario unfolds, USDJPY may test the support level at 157,365.
Technical Reference: sell while below 158,085
Potential Stop Loss 1: 158,085
Potential Stop Loss 2: 158,245
Potential Take Profit 1: 157,500
Potential Take Profit 2: 157,365
