The USDJPY pair remains under significant selling pressure on the hourly timeframe, persistently moving within a bearish channel. Any attempts at a rebound are quickly met with resistance, indicating that buyers have yet to gain control of the market momentum. The declining Moving Average further solidifies the prevailing bearish trend, while the consistent ZigZag pattern continues to produce lower highs and lower lows, confirming that market structure is still leaning towards a downward trajectory. This situation raises the potential for USDJPY to extend its decline towards the nearest support zone.
With these robust technical signals in play, the downward pressure is expected to persist as long as prices remain trapped within the bearish channel. Sellers maintain complete control, bolstered by sustained bearish momentum and a lack of valid reversal signs. Should the selling pressure intensify,
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The USDJPY continues to stabilize within the bearish channel, showcasing a clearer downward trend formation. Price action also appears to be rejected from the resistance level indicated by the Bollinger Bands, strengthening the signal that bearish momentum remains firmly in place. With a consistent technical structure pointing southward, USDJPY is likely to continue its weakening trend and test crucial support around the level of 153.990.
Technical Reference: Sell when below 155.045
Potential Take Profit 1: 154.860
Potential Take Profit 2: 155.045
Potential Stop Loss 1: 154.155
Potential Stop Loss 2: 153.990
