The USDJPY pair is facing selling pressure after being rejected from the upper limit of the Bollinger Bands, indicating a potential reversal towards bearish territory. This rejection signifies that the price is struggling to break through a dynamic resistance level, which often serves as a turning point for price movements. Furthermore, the narrowing of the Bollinger Bands suggests the possibility of further downward movement if selling pressure continues to intensify.
The bearish confirmation is reinforced by the MACD indicator, which displays a downward crossover, with the MACD line starting to move below the signal line. The MACD histogram entering negative territory also suggests a shift in momentum favoring sellers.
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The USDJPY could weaken further as the Bollinger Bands on the 15-minute timeframe begin to slope downwards, indicating an increase in selling pressure. The price trading below the middle band further strengthens the bearish signal, suggesting a potential decline ahead. Should selling pressure persist and the price breach the nearest support level, USDJPY may drop towards the support level of 148.525.
Technical Reference: sell while below 150.385
Potential Stop Loss 1: 150.110
Potential Stop Loss 2: 150.385
Potential Take Profit 1: 148.800
Potential Take Profit 2: 148.525
