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The USD/JPY pair continues its downward trajectory, pressuring the key support level at 156.80. Technical indicators suggest a bearish bias, with the potential for further decline.
Technical Outlook:
- Negative SMA Crossover: The simple moving averages have formed a negative crossover, indicating increased selling pressure.
- Loss of Upward Momentum: The Stochastic oscillator has lost its upward momentum, further reinforcing the bearish sentiment.
Downside Potential:
A corrective decline appears likely, with an initial target of 155.80. If this support level is breached, the pair could extend its losses towards 155.30.
Potential Reversal:
However, a return of trading stability above 156.80, and more importantly, a sustained move above 157.20, could halt the downward trend and initiate a recovery towards 158.10 and potentially 158.60.
Key Levels:
- Support: 156.80, 155.80, 155.30
- Resistance: 157.20, 158.10, 158.60
Important Note:
The risk level remains high, and potential returns may not be proportional to the risks involved. Traders should exercise caution and closely monitor price action around the key levels.
Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.
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