The USDJPY currency pair is exhibiting an ascending triangle pattern on the 1-hour chart; however, the technical indicators suggest a potential weakening of this trend. The movement of the Moving Average (MA) shows a flattened and declining trajectory, indicating that buyers are losing their momentum in sustaining the current price levels. This pattern reveals that, despite efforts to hold the price, the influence of selling pressure is increasingly overshadowing the short-term trend.
Additional support for the bearish outlook is provided by the MACD indicator, which is presently situated in negative territory. This scenario reinforces the possibility that USDJPY may undergo further correction. As long as the price does not break through the resistance level in the ascending triangle pattern, the bearish scenario remains prevalent, with a likelihood of decline towards the nearest support level serving as an intraday target.
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Bollinger Bands (BB) indicate a sideways market condition, with prices currently touching the upper boundary, while the CCI indicator has entered the overbought zone on the 15-minute chart, signaling a potential corrective move; USDJPY is anticipated to be poised for a bearish stance as it tests the nearest support level at 146,800.
Technical Reference: sell while below 147,455
Potential Stop Loss 1: 147,370
Potential Stop Loss 2: 147,455
Potential Take Profit 1: 146,900
Potential Take Profit 2: 146,800
