The USDJPY pair exhibits a possible correction as the price reaches the upper boundary of the Bollinger Bands and the upper bearish channel on the main timeframe. This situation suggests that the currency pair has hit a strong resistance level, indicating that selling pressure might intensify.
The Bollinger Bands reveal that the price is in an overbought zone, which is typically followed by a weakening or a retracement. Should selling pressure begin to dominate, USDJPY could potentially decline and test the nearest support around 150.85 before deciding its next direction.
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The USDJPY is currently experiencing substantial selling pressure following the establishment of a bearish structure on the 15-minute timeframe, signaling that the downward trend remains robust. Even though the Stochastic Oscillator suggests an oversold condition, typically indicating that a price reversal may be imminent, the prevailing selling pressure currently appears to dominate market movements, which could lead to a decline in USDJPY towards the support level of 148.725.
Technical Reference: sell while below 150.235
Potential Stop Loss 1: 149.985
Potential Stop Loss 2: 150.235
Potential Take Profit 1: 148.965
Potential Take Profit 2: 148.725
