As per the recent technical analysis from Europe, the USDJPY is experiencing a decline and is likely to remain under selling pressure after successfully breaking below the lower boundary of a bearish channel. This movement indicates that the downward trend is gaining strength, particularly since the price has also touched the lower area of the Bollinger Bands. This condition reflects the dominance of sellers in the market and the potential for a continuation of the bearish trend.
Technical indicators further reinforce this signal. The price’s stability below the 24-period Moving Average (MA) suggests that bearish momentum is still prevalent. Moreover, the widening of the Bollinger Bands downwards indicates an increase in volatility, pointing towards the possibility of a deeper decline.
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In alignment with the one-hour chart analysis, the 15-minute chart also presents a downward opportunity as the price currently resides within a bearish channel, and the Stochastic indicator is moving down from an oversold condition, adding to the downward pressure. If the scenario holds, the USDJPY may have a chance to 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
