The USDJPY pair is exhibiting selling pressure as it has fallen below the middle Bollinger Bands, suggesting a potential for further declines. The MACD indicator has confirmed a bearish signal, indicating that the downward momentum is gaining strength. If the price maintains movement below this level, the likelihood of testing the next support level increases, especially if market sentiment favors the yen against the US dollar.
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The potential for the USDJPY to weaken is rising as the Bollinger Bands on the 15-minute timeframe are starting to slope downward, signifying an increase in selling pressure. The price trading below the middle band further strengthens the bearish signal, suggesting additional declines could occur. Should the selling pressure persist and the price break through the nearest support level, the USDJPY could move toward the support at 147.500.
Technical Reference: sell while below 149.665
Potential Stop Loss 1: 149.325
Potential Stop Loss 2: 149.665
Potential Take Profit 1: 147.810
Potential Take Profit 2: 147.500
