The USDJPY pair is currently trapped within a bearish channel, indicating that selling pressure continues to dominate the price movements. Each time the price attempts to rise, the resistance within this channel successfully halts its progress, suggesting a prevailing bearish sentiment in the market.
Moreover, technical indicators are also signaling the potential for further declines, especially if the price remains below the downward-facing Moving Average (MA). Should the selling pressure persist, USDJPY may test nearby support levels, which could serve as a crucial point to determine whether the bearish trend will continue or if a rebound might occur.
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USDJPY is also consistently caught in a bearish channel, with Bollinger Bands trending downward on a 15-minute timeframe, reflecting an increasingly dominant selling pressure. The price’s consistent positioning beneath the middle Bollinger Band indicates a robust bearish momentum, while the widening of the bands suggests heightened volatility that could accelerate further declines towards the support level of 145.930.
Technical Reference: sell while below 147.795
Potential Stop Loss 1: 147.425
Potential Stop Loss 2: 147.95
Potential Take Profit 1: 146.245
Potential Take Profit 2: 145.930
