The USDJPY pair continues to exhibit significant bearish dominance on the 1-hour timeframe, with selling pressure intensifying into the night. The price remains consistently within a bearish channel that limits upward movement, reflecting a market sentiment that leans toward further weakening. The technical structure endorses this outlook, as the price struggles to break through a minor resistance zone, thereby maintaining the lower high pattern intact. While the price remains under pressure from the channel, the potential for short-term declines remains quite open.
Supporting indicators also lend additional confirmation to this bearish narrative. The declining Moving Average (MA) indicates that the downward momentum remains dominant, while the ZigZag forming a bearish pattern reinforces the ongoing trend direction. Additionally, the MACD remaining in negative territory further emphasizes that buyers are still in control of the market. With a combination of aligned technical signals, USDJPY is poised for further declines and is likely to test the nearest support.
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On the 15-minute timeframe, USDJPY shows even stronger bearish pressures, marked by stable price movements within the bearish channel and the successful breach of the support levels indicated by the Bollinger Bands. The downward pressure is increasingly consistent as the price remains below this area, asserting the sellers‘ dominance in the short term. The CCI, positioned within the overbought region, reinforces the suspicion that the weakening momentum is ongoing, allowing USDJPY to potentially extend its declines and test the support level at 154.330.
Technical Reference: Sell while below 155.955
Potential Take Profit 1: 154.525
Potential Take Profit 2: 154.330
Potential Stop Loss 1: 155.130
Potential Stop Loss 2: 155.305
