USDPY has begun to show a notable shift in direction after the price fell below the bullish channel, indicating that the previous upward structure is starting to lose momentum. The downward trend in the Moving Average (MA) further reinforces the change in market sentiment, while the ZigZag pattern reveals a series of lower peaks and troughs. This combination of technical signals suggests an initial indication that the strength of the bulls is waning and that the bears are beginning to reclaim price control in the short term.
The bearish pressure is intensifying as the CCI sharply declines from overbought levels, signaling that a distribution phase is forming, and the likelihood of further declines is increasing. With the loss of bullish trend strength, along with confirmation from key indicators like MA, ZigZag, and CCI, USDPY is poised for a potential continuation of weakening in the near future. If selling pressure persists, this pair could test significant supports as the next downside target.
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The USDJPY is increasingly exhibiting strong downward pressure after steadily moving within a bearish channel and breaching the Bollinger Bands support on a 15-minute time frame, indicating that sellers are gaining dominance. The sharp decline in MA further strengthens the bearish momentum, suggesting that selling pressure continues without significant recovery signs. Given this combination of technical signals, USDJPY is currently in a precarious position to continue its decline and has a substantial opportunity to test important support at the 155.475 level shortly.
Technical Reference: Sell while below 156.795
Potential Take Profit 1: 156.605
Potential Take Profit 2: 156.795
Potential Stop Loss 1: 155.665
Potential Stop Loss 2: 155.475
