The USDJPY currency pair is exhibiting consistent signs of weakening, moving within a bearish channel over the past few sessions. This pattern highlights the dominance of selling pressure in the market, as prices continue to remain below significant resistance levels.
Technical indicators further support this bearish outlook. The 24-period Moving Average (MA) is sloping downward, indicating a sustained downward trend. Meanwhile, the MACD (Moving Average Convergence Divergence) indicator is positioned in the negative zone with the histogram showing continued weakness, reinforcing the belief that the bearish momentum remains strong.
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This aligns with the one-hour chart analysis. The 15-minute chart above also suggests a downward opportunity as prices are currently trapped within a bearish channel, and the Stochastic indicator is in an overbought state, adding further downward pressure. If the scenario unfolds as expected, USDJPY has the potential to drop and test the support level of 154.840.
Technical Reference: sell while below 156.095
Potential Stop Loss 1: 156.095
Potential Stop Loss 2: 156.420
Potential Take Profit 1: 155.095
Potential Take Profit 2: 154.840
