USD/JPY Looking Downwards
#trading_idea #USDJPY 💡
#USDJPY - Outlook
On the 1H chart, the pair is trading within a descending channel, indicating continued bearish momentum. The price is below both the 50-period and 20-period moving averages, confirming a strong downtrend, while the MACD remains below the signal line with negative histogram values. The Bull Bear Power indicator shows slightly improving readings, suggesting a possible weakening of the bearish pressure.
🔽If the price breaks below the support level of 143.00, further decline towards the next support at 142.50 is possible.
🔼Otherwise, If the price fails to break below 143.00 and begins to bounce back, a rise towards the resistance level of 144.00 is likely.
🔴 Click "👍" if you think the price will rise and "👎" if you think it will fall.
#USDJPY - Outlook
On the 1H chart, the pair is trading within a descending channel, indicating continued bearish momentum. The price is below both the 50-period and 20-period moving averages, confirming a strong downtrend, while the MACD remains below the signal line with negative histogram values. The Bull Bear Power indicator shows slightly improving readings, suggesting a possible weakening of the bearish pressure.
🔽If the price breaks below the support level of 143.00, further decline towards the next support at 142.50 is possible.
🔼Otherwise, If the price fails to break below 143.00 and begins to bounce back, a rise towards the resistance level of 144.00 is likely.
🔴 Click "👍" if you think the price will rise and "👎" if you think it will fall.
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