The USDJPY remains ensnared in a bearish channel, highlighting that selling pressure is prevailing in the price movements. Each attempt by the price to rise has been thwarted by resistance within the channel, indicating that the market still leans towards a bearish outlook.
Moreover, technical indicators are signaling the potential for further declines, particularly if the price stays below the downward-turning Moving Average (MA). Should the selling pressure persist, USDJPY might test the nearest support level, which could be a critical point to determine whether the bearish trend will continue or if a rebound occurs.
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Persistently, the USDJPY remains caught in a bearish channel, with the Bollinger Bands showing a downward trend on the 15-minute timeframe, signaling increasingly dominant selling pressure. The price’s movement below the middle Bollinger Band suggests that bearish momentum is still robust, while the expanding bands indicate a rise in volatility that might hasten a deeper decline toward the support level of 146.415.
Technical Reference: sell when under 147.795
Potential Stop Loss 1: 147.515
Potential Stop Loss 2: 147.795
Potential Take Profit 1: 146.645
Potential Take Profit 2: 146.415
