The USDJPY currency pair exhibits a notable weakness potential as the Moving Average (MA) indicator signals a bearish trend, suggesting that a downward trajectory remains prevalent in the market. Furthermore, the Stochastic indicator residing in the oversold territory reinforces the selling pressure, indicating that the bearish momentum remains robust despite minor correction chances.
In this context, traders can prepare for price movements towards the next support level while closely monitoring the likelihood of heightened volatility. With the interplay of these two indicators, the USDJPY is poised to continue its downward trend, presenting opportunities to capitalize on market movement.
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On the 15-minute timeframe, USDJPY reveals potential weakness following a price rejection at the upper boundary of the Bollinger Bands, indicating selling pressure from the resistance level. The bearish signal strengthens with the Commodity Channel Index (CCI) declining from the overbought zone, indicating diminished bullish momentum and a possible downward reversal. This combination of two indicators suggests an opportunity for USDJPY to extend its decline towards the support level of 154.870.
Technical Reference: sell while below 156.680
Potential Stop Loss 1: 156.280
Potential Stop Loss 2: 156.680
Potential Take Profit 1: 154.640
Potential Take Profit 2: 154.285
