The USDJPY pair is witnessing intense selling pressure as it breaches the middle and lower Bollinger Bands, highlighting the prevalence of sellers in the market. This breach often serves as an early indication of a deeper bearish trend, particularly if there are no substantial signs of a reversal.
With the price now trading below the middle bands, this region could become a dynamic resistance that hinders any upward movement. Should the price remain under this level, the likelihood of continuing the decline towards the next support zone increases significantly.
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The USDJPY is likely to extend its decline after experiencing a breakout from the prior bullish channel, indicating a weakening of the previous upward trend. Additionally, the Commodity Channel Index (CCI) consistently remaining in the bearish zone further solidifies the selling pressure signals. This breakout suggests that buyers are losing their momentum, while sellers are increasingly dominating the price action. If the selling pressure persists, USDJPY may drop further towards the support level of 153,855.
Technical Reference: sell while below 155,315
Potential Stop Loss 1: 155,065
Potential Stop Loss 2: 155,315
Potential Take Profit 1: 154,180
Potential Take Profit 2: 153,855
