On the 1-hour timeframe, the Moving Average (MA) and Moving Average Convergence Divergence (MACD) indicators are aligned, signaling a significant potential market correction. Prices have begun to breach the MA line downwards, indicating a shift in momentum from bullish to bearish in the short term. Additionally, the MACD confirms this downward trend as the signal line starts to cross below the MACD line, strengthening the indication that selling pressure is increasing and prices may decline further.
This technical situation suggests that traders should remain cautious regarding the possibility of further declines in the coming hours. If prices continue to stay below the MA and the MACD shows ongoing negative divergence, the potential correction could reach the next support level.
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The USDJPY is navigating within a bearish channel on the 15-minute timeframe, characterized by a sharply declining Moving Average (MA), signaling strong downward momentum. The downward trajectory of the MA emphasizes that selling pressure is becoming increasingly dominant, creating the potential for USDJPY to continue its descent towards the support level of 142.675.
Technical Reference: sell when below 144.410
Potential Stop Loss 1: 144.185
Potential Stop Loss 2: 144.410
Potential Take Profit 1: 142.890
Potential Take Profit 2: 142.675
