The USDJPY currency pair is currently exhibiting signs of potential decline after breaking below a previously established bullish channel. This breakout suggests that the bullish momentum has weakened, indicating that selling pressure is taking over the market.
Additionally, the price has now fallen below the 24-period Moving Average (MA), which is trending downward, reflecting a bearish outlook in the short term. Moreover, the MACD indicator is confirming this sentiment as the signal line has dipped below the zero level, further indicating a strengthening downward momentum.
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The USDJPY pair is signaling a clearer downward trend after breaking below the bearish trend line on the 15-minute timeframe. This breakout of the support level indicates that selling pressure is intensifying, leading to a market dominated by bearish sentiments. With the price currently situated below the 24-period Moving Average (MA), the downward trend has been reinforced. In tandem, the MACD indicator remains below the zero line, suggesting that the bearish momentum is still strong and has the potential to continue testing the support level at 147.575.
Technical Reference: buy above 149.190
Potential Take Profit 1: 148.955
Potential Take Profit 2: 149.190
Potential Stop Loss 1: 147.770
Potential Stop Loss 2: 147.575
