The USDJPY pair is displaying a movement pattern that suggests a possibility of continued downward pressure. Following a restricted rebound towards the middle bands on the Bollinger Bands indicator, bearish sentiment appears to be regaining strength. This observation is further supported by negative signals from the MACD indicator.
On the hourly chart, the USDJPY price has struggled to break through the resistance at the middle band area, typically acting as a bounce zone during a downtrend. Meanwhile, the MACD histogram remains in negative territory, with the MACD line drifting further below the signal line. This indicates that bearish momentum is still prevalent.
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Consistent with the analysis from the hourly chart, the 15-minute chart also points to potential downward movement, as current prices are confined within a bearish channel, with the Stochastic indicator showing overbought conditions, adding to the downward pressure. If this scenario unfolds, USDJPY may test the support level of 155.615.
Technical Reference: sell while below 156.725
Potential Stop Loss 1: 156.725
Potential Stop Loss 2: 156.955
Potential Take Profit 1: 155.875
Potential Take Profit 2: 155.615
