USD/JPY Slips Toward Key Support
The USD/JPY pair is showing clear signs of bearish momentum, currently trading near 153.88 within a descending wedge pattern. The price remains constrained under resistance at 154.38, with pressure building toward a potential breakdown.
Key Bearish Signals:
Descending Wedge: The wedge structure suggests a continuation of the downtrend, especially if the pair breaks below the critical support at 153.50.
Moving Averages: The price remains below key moving averages, reinforcing the downward bias.
Target Levels:
Immediate Support: 153.50 is the first line of defense, but a breakdown here could lead to deeper losses.
Next Target: If the bearish momentum continues, the pair could decline toward 152.50, a critical zone for buyers to possibly regain control.
Outlook:
The overall sentiment remains bearish, with further downside expected if the pair fails to break above 154.38. Traders may consider short positions targeting the next key supports.
Key Bearish Signals:
Descending Wedge: The wedge structure suggests a continuation of the downtrend, especially if the pair breaks below the critical support at 153.50.
Moving Averages: The price remains below key moving averages, reinforcing the downward bias.
Target Levels:
Immediate Support: 153.50 is the first line of defense, but a breakdown here could lead to deeper losses.
Next Target: If the bearish momentum continues, the pair could decline toward 152.50, a critical zone for buyers to possibly regain control.
Outlook:
The overall sentiment remains bearish, with further downside expected if the pair fails to break above 154.38. Traders may consider short positions targeting the next key supports.
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