The USDJPY currency pair appears to be facing selling pressure after breaking below the lower boundary of a bearish channel. This movement suggests a strengthening downward trend, especially as the price touches the lower area of the Bollinger Bands. This scenario reflects the prevailing dominance of sellers in the market and indicates the potential for continued bearish movement.
Technical indicators further support this outlook. The price holding steady below the 24-period Moving Average (MA) reflects an ongoing bearish momentum. Moreover, the expanding Bollinger Bands signal increased volatility, hinting at the possibility of deeper declines.
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Analysis of the one-hour chart aligns with this view. The 15-minute chart also reveals a downtrend as the price is currently within a bearish channel and the Stochastic indicator indicates an oversold condition, enhancing the downward pressure. If the scenario unfolds as anticipated, USDJPY could test the support level at 156.820.
Technical Reference: sell while below 158.135
Potential Stop Loss 1: 157.915
Potential Stop Loss 2: 158.135
Potential Take Profit 1: 157.065
Potential Take Profit 2: 156.820
