The USDJPY pair on the 1-hour chart indicates signs of weakening after failing to establish a continued resistance following a breach of a key resistance level, which resulted in a false break. Instead of continuing its upward trajectory, the price has reversed and broken below the uptrend line, reflecting a rise in selling pressure in the market. This movement suggests a shift in sentiment from bullish to bearish in the short term.
Technically speaking, the weakening of the USDJPY is further confirmed by the declining direction of the Moving Average and the ZigZag indicator, which has turned to form a bearish structure. This combination of signals indicates that selling momentum is still predominant, opening up opportunities for the USDJPY to continue its decline toward the nearest support level as long as the selling pressure persists.
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On the 15-minute time frame, the USDJPY shows strong bearish signals after the price broke below the lower boundary of the bullish channel. The sharp downward movement of the Bollinger Bands indicates increasing downward momentum, while the CCI indicator being in the overbought zone supports the potential for a downward reversal. With this combination of technical signals, the USDJPY is poised to continue weakening to test the support level at 155.470.
Technical References: Sell while below 155.625
Potential Take Profit 1: 156.400
Potential Take Profit 2: 156.625
Potential Stop Loss 1: 155.690
Potential Stop Loss 2: 155.470
