USD/JPY Downtrend
As observed in the last session, the USD/JPY pair has shown bearish momentum, breaking through the key support zone near 148.00, indicating potential further weakness.
Technical analysis: The ongoing bearish trend is validated by the Bollinger Bands, where price is lingering near the lower band, suggesting a continuation of the downtrend. The support zone around 146.500 may now come into focus, with the possibility of the price testing this level should the downward momentum persist.
Our position: We're adopting a cautious stance due to the bearish signals presented by the technical indicators. A conservative approach would be to look for shorting opportunities on any retracements towards the broken support, now turned resistance, near 149.457. We would consider re-evaluating our position if the pair shows signs of recovery back above the moving average, which could invalidate the current bearish setup or act as a correction.
Technical analysis: The ongoing bearish trend is validated by the Bollinger Bands, where price is lingering near the lower band, suggesting a continuation of the downtrend. The support zone around 146.500 may now come into focus, with the possibility of the price testing this level should the downward momentum persist.
Our position: We're adopting a cautious stance due to the bearish signals presented by the technical indicators. A conservative approach would be to look for shorting opportunities on any retracements towards the broken support, now turned resistance, near 149.457. We would consider re-evaluating our position if the pair shows signs of recovery back above the moving average, which could invalidate the current bearish setup or act as a correction.
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