The USDJPY currency pair is displaying consistent signs of weakening, moving within a bearish channel over the past several sessions. This pattern suggests a prevailing selling pressure in the market, with prices consistently staying below critical resistance levels.
Technical indicators further reinforce this bearish outlook. The 24-period Moving Average (MA) indicates a downward slope, signaling a sustained downtrend. Meanwhile, the MACD (Moving Average Convergence Divergence) is positioned in the negative zone, with a histogram showing continued weakening, adding to the confidence that the bearish momentum remains dominant.
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In alignment with the hourly chart analysis, the 15-minute chart above also indicates a downward opportunity as prices are currently trapped within a bearish channel and the Stochastic indicator is in an overbought condition, adding downward pressure. If the scenario plays out as expected, USDJPY may test the support level of 154.840.
Technical Reference: sell as long as below 156.095
Potential Stop Loss 1: 156.00
Potential Stop Loss 2: 157.000
Potential Take Profit 1: 155.095
Potential Take Profit 2: 154.840
