The USDJPY is currently positioned right at the bearish resistance channel, coinciding with the upper resistance of the Bollinger Bands on the hourly chart. This situation marks a significant pivot point, creating a potential for price decline, as this area serves as a strong barrier against upward movement. Price reactions at this level indicate the possibility of further weakening, with a noticeable dominance of sellers emerging in the market.
Support for the bearish signal is further substantiated by the Commodity Channel Index (CCI) being in the overbought region. This condition reinforces the downward correction scenario, with USDJPY likely to continue its decline in the short term. As long as the price remains below the bearish resistance channel, the potential for a downturn persists, leading the market to focus on the next support level as the target for movement.
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The USDJPY has recorded a break low from the bullish support channel on the 15-minute chart, triggering price weakening and forming a bearish pattern. Selling pressure is becoming increasingly evident, with technical structures confirming the potential for a downward trend continuation. In this context, USDJPY may proceed with its weakening and test a significant support level around 147.105 in the short term.
Technical Reference: sell while below 147.930
Potential Stop Loss 1: 147.820
Potential Stop Loss 2: 147.930
Potential Take Profit 1: 147.205
Potential Take Profit 2: 147.105
