USD/JPY 1-hour timeframe with technical analysis applied.
1. Downtrend Confirmation: The price has been declining after reaching a peak (marked by a red arrow and yellow circle), suggesting a strong resistance level.
2. Trendlines and Channels:
The black and red trendlines represent resistance levels.
The blue and green trendlines indicate possible support zones.
The price has been moving within a descending channel.
3. Current Price Level: USD/JPY is at 150.021, continuing the downtrend.
4. Possible Scenarios:
If the price breaks below the lower trendline, further downside movement could occur.
A breakout above the black/red resistance trendline might indicate a bullish reversal.
5. Resistance at 155.203: If the price recovers, the 155.203 level could act as a major resistance.
This analysis suggests that USD/JPY is in a bearish phase unless a breakout occurs. Would you like help formulating a trade idea based on this?
2. Trendlines and Channels:
The black and red trendlines represent resistance levels.
The blue and green trendlines indicate possible support zones.
The price has been moving within a descending channel.
3. Current Price Level: USD/JPY is at 150.021, continuing the downtrend.
4. Possible Scenarios:
If the price breaks below the lower trendline, further downside movement could occur.
A breakout above the black/red resistance trendline might indicate a bullish reversal.
5. Resistance at 155.203: If the price recovers, the 155.203 level could act as a major resistance.
This analysis suggests that USD/JPY is in a bearish phase unless a breakout occurs. Would you like help formulating a trade idea based on this?
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