The USDJPY currency pair continues to move within a bearish channel, reflecting prevailing selling pressure. Prices are consistently below the dynamic resistance set by the upper trend line of the channel, indicating that buyers are struggling to reverse the current trend. Furthermore, being below the 24-period Moving Average (MA) strongly suggests that sellers are in control.
Additionally, the MACD indicator remains in negative territory, with a weakening histogram, signifying that the bearish momentum has not yet diminished. In the short term, a breach of the nearest support level is crucial for accelerating the downward trend. Should prices successfully break through this level, the next target lies within a deeper support zone, aligning with the lower boundary of the bearish channel.
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USDJPY continues on its path within the bearish channel, signaling a dominant selling sentiment. Although the Stochastic indicator is in the oversold region, there are no strong signs of a reversal just yet, suggesting prices may continue their descent. As long as the price remains below the upper trend line’s dynamic resistance, the bearish outlook holds firm. If selling pressure persists, there’s a likelihood that USDJPY will break through the support level at 148.980.
Technical Reference: sell while below 150.515
Potential Stop Loss 1: 150.270
Potential Stop Loss 2: 150.515
Potential Take Profit 1: 149.225
Potential Take Profit 2: 148.980
