The USDJPY exchange rate continues to trade within a bearish channel on the 1-hour chart, indicating that the downward trend remains prominent. The price’s position below the Moving Average (MA) reinforces the bearish signal, suggesting that buyers have yet to gain control of the momentum. This movement pattern indicates that market direction is still biased downward, with a potential for continued weakness in the short term.
In terms of indicators, the MACD remaining in negative territory adds further confirmation to the bearish outlook. Unless the price can break out of the downward channel and exceed the MA to the upside, the chances of USDJPY continuing to decline remain significant. Given this technical situation, the currency pair is likely to test the nearest support area as the next targeted decline.
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The 15-minute chart for USDJPY shows a consistent downward movement within a bearish channel, while the weakening Moving Average (MA) further strengthens the negative outlook; this technical condition presents an opportunity for USDJPY to continue its decline and test the crucial support zone at the 147.130 level.
Technical Reference: sell while below 147.860
Potential Stop Loss 1: 147.725
Potential Stop Loss 2: 147.860
Potential Take Profit 1: 147.255
Potential Take Profit 2: 146.130
