The USDJPY pair is experiencing considerable selling pressure after breaking through the lower boundary of the Bollinger Bands, signaling potential further weakness. This breach often indicates a rise in volatility, leading to an increased likelihood of significant price movements aligned with the prevailing trend.
Should the price fail to return within the Bollinger Bands, bearish pressure may grow stronger, pushing USDJPY towards the next support level. Traders are currently monitoring this critical area to determine whether the price will continue its decline or experience a technical rebound.
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The USDJPY continues to be trapped in a bearish channel, with the Bollinger Bands trending downward on the 15-minute timeframe, indicating increasingly dominant selling pressure. The sustained price movement below the middle Bollinger Band suggests that bearish momentum remains strong, while the widening of the bands hints at heightened volatility, which could accelerate deeper declines towards testing support at 146.625.
Technical Reference: sell while below 149.135
Potential Stop Loss 1: 149.710
Potential Stop Loss 2: 149.135
Potential Take Profit 1: 147.025
Potential Take Profit 2: 146.625
