USDJPY exhibits signs of further decline as the Moving Average (MA) indicator signals a bearish trend, illustrating that downward movement continues to prevail in the market. Additionally, the Stochastic indicator, which is in the oversold zone, reinforces selling pressure, indicating that the bearish momentum remains strong even with the potential for minor corrections.
In this scenario, traders can expect price movements towards the next support level while being mindful of the likelihood of high volatility. With the convergence of these two indicators, USDJPY is poised to extend its downward trend, creating opportunities to capitalize on market momentum.
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On the 15-minute timeframe, USDJPY reveals potential weakness after prices have been rejected from the upper boundary of the Bollinger Bands, indicating selling pressure at the resistance level. The bearish signal is further solidified by the Commodity Channel Index (CCI) descending from the overbought territory, reflecting a decrease in bullish momentum and a possible shift in direction downward. The combination of these two indicators indicates an opportunity for USDJPY to drop towards the support level of 154.870.
Technical Reference: sell while below 156.900
Potential Stop Loss 1: 156.575
Potential Stop Loss 2: 156.900
Potential Take Profit 1: 155.175
Potential Take Profit 2: 155.870
