The currency pair USDJPY is exhibiting a weakening trend after breaking through the significant support level of the bearish channel. This breakdown serves as a strong signal indicating that a downward trend is in progress, further supported by technical indicators from the Bollinger Bands that reveal increasing selling momentum.
The Bollinger Bands display an expansion with the price trading below the lower band, signaling that selling pressure is intensifying. Additionally, this pattern frequently suggests a continuation of the downward trend, especially if there are no signs of reversal in the near future.
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Consistent with the analysis from the hourly chart, the 15-minute chart above also presents a downward opportunity as the price is currently situated within the bearish channel, while the Stochastic indicator is in an oversold condition, adding to the bearish pressure. If the scenario unfolds as expected, USDJPY has the potential to decline and test the support level at 156.820.
Technical Reference: sell while below 158.135
Potential Stop Loss 1: 157.915
Potential Stop Loss 2: 158.135
Potential Take Profit 1: 157.065
Potential Take Profit 2: 156.820
