The USDJPY pair continues to operate within a downward channel, indicating that selling pressure continues to prevail. The price remains below the dynamic resistance created by the upper trend line of the channel, suggesting that buyers are struggling to shift the current trend. Furthermore, the position of the price below the 24-period Moving Average (MA) further confirms the dominance of sellers.
The MACD indicator is still positioned in the negative territory, with a weakening histogram, indicating that the bearish momentum has not yet lost its strength. In the short term, USDJPY must break through the nearest support level to expedite its downward trend. Should the price succeed in surpassing this level, the next target will be deeper within the support area, in line with the lower boundary of the bearish channel.
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USDJPY remains entrenched in a downward channel, signifying prevailing selling pressures. Although the Stochastic indicator is in the oversold zone, there are no strong signs of a reversal, suggesting that the price may continue to decline. As long as the price stays beneath the dynamic resistance of the upper trend line of the channel, the bearish scenario remains intact. If the selling pressure persists, USDJPY could breach the nearest support level at 148.725.
Technical Reference: Sell while below 150.235
Potential Stop Loss 1: 149.985
Potential Stop Loss 2: 150.235
Potential Take Profit 1: 148.965
Potential Take Profit 2: 148.725
