The USDJPY pair is currently exhibiting signs of a possible decline following a breakout from a prior bullish channel that had established an upward trend. This breakout suggests a waning bullish momentum, with selling pressure beginning to take control in the market.
Additionally, the price is now trading below the 24-period Moving Average (MA), which is trending downward, indicating a more bearish market outlook in the short term. Furthermore, the MACD indicator corroborates this trend, with the signal line residing below the zero level, indicating that the downward momentum is growing stronger.
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Clear signals of a downturn are becoming more pronounced for USDJPY after it breached a bearish trend low on a 15-minute time frame. This support breach indicates that selling pressures are intensifying, with the market exhibiting notable bearish dominance. With prices now situated beneath the 24-period Moving Average (MA), the downward trend is further reinforced. Combined with the MACD indicator residing below the zero level, it suggests that the bearish momentum remains solid, with potential continuation towards testing the support at 147.910.
Technical Reference: sell while below 149.410
Potential Stop Loss 1: 149.190
Potential Stop Loss 2: 149.410
Potential Take Profit 1: 148.125
Potential Take Profit 2: 147.910
