The USDJPY Faces Risk of Decline! Increased Selling Pressure in Overbought Region

The USDJPY appears poised for a downturn following a rejection at a robust resistance level, bolstered by technical indicators suggesting a potential correction. The price reaching the upper limit of the Bollinger Bands signifies an overbought condition.

Additionally, the Stochastic indicator, which is operating in the overbought territory, reinforces the likelihood of a downward trend reversal. Should selling pressure persist, this currency pair could potentially decline towards the nearest support level.

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The USDJPY may see a short-term correction as the Commodity Channel Index (CCI) enters the overbought zone on the 15-minute timeframe. This situation indicates a considerable increase in price, suggesting that selling pressure is likely to emerge soon. If selling intensifies, the USDJPY might drop towards the nearest support level at 154.125.

Technical Reference: sell below 155.615
Potential Stop Loss 1: 155.315
Potential Stop Loss 2: 156.615
Potential Take Profit 1: 154.400
Potential Take Profit 2: 154.125