The USDJPY pair is undergoing a correction after hitting the upper limit of the Bollinger Bands, suggesting that selling pressure is intensifying. This movement indicates that the price has reached a resistance zone and is experiencing a downward reaction, further supported by signals from the MACD.
Currently, the MACD is beginning to indicate a bearish trend characterized by a weakening histogram and a signal line that could potentially trend downward, highlighting that the upward momentum is starting to fade. Should the selling pressure persist, USDJPY may potentially decline further towards the next support area. Traders should be prepared for the possibility of further weakening, especially if the prices fail to rise above previously tested resistance levels.
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The USDJPY has successfully broken through the lows of a bearish channel, confirming the continuation of the downward trend on a 15-minute timeframe. Additionally, the Moving Average (MA) indicators are starting to point downwards, reinforcing the notion that selling pressure is increasingly dominating price movements. This scenario suggests that a bearish momentum is developing, creating opportunities for USDJPY to weaken further toward the next support level at 149.525.
Technical Reference: sell when below 150.765
Potential Stop Loss 1: 150.580
Potential Stop Loss 2: 150.765
Potential Take Profit 1: 149.750
Potential Take Profit 2: 149.525
