The USDJPY pair continues to exhibit a robust bearish trend, evident from its price consistently trading below the Moving Average (MA) line on the 1-hour chart. A downward-sloping MA indicates that selling pressure remains dominant in the market, and despite attempts at rebound, they have been short-lived before declining again. This behavior suggests that sellers are still in control, and the downtrend could persist unless a significant reversal signal emerges.
Additional support is provided by the MACD indicator, which is currently below the signal line and in negative territory, confirming the strength of the bearish momentum. The widening gap between the MACD line and the signal line underscores the increasing selling pressure. As long as the price remains below crucial resistance levels and fails to consistently break above the MA, USDJPY is likely to continue its downward trajectory towards the next support level shortly.
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USDJPY is operating within a bearish channel on the 15-minute timeframe, characterized by a sharply declining Moving Average (MA), indicating strong downward momentum. The downward direction of the MA reinforces the signal that selling pressure is becoming more dominant, setting the stage for USDJPY to test support at 141,880.
Technical Reference: sell below 143,640
Potential Stop Loss 1: 143,325
Potential Stop Loss 2: 143,640
Potential Take Profit 1: 142,170
Potential Take Profit 2: 141,880
