USDJPY remains under bearish pressure. Despite a rebound from the 145.509 support zone, the broader trend stays negative as the price continues to trade beneath key Ichimoku components, signaling limited upside momentum for now.

The current price is hovering around 147.952, still well below the 149.231 area which had previously acted as a support turned resistance. Price action has remained below the Tenkan-sen and Kijun-sen lines, indicating a strong bearish structure. The price also stays outside the Ichimoku cloud, with the Senkou Span A and B lines sloping downward, confirming a bearish trend environment.

Stochastic Oscillator (5,3,3) reads K% = 36.58 and D% = 27.38, with a possible bullish crossover forming from oversold territory. This suggests that short-term corrective upside is possible, but it should be viewed cautiously within the broader bearish trend. Volume remains elevated, confirming stronger interest during recent volatility.

Market Observation & Strategy Advice:
1. Key Resistance Levels:

• 149.231 – former support, now key resistance within bearish channel
• 151.041 – major resistance aligned with Ichimoku cloud edge

2. Key Support Level: 145.509 – recent low and strong horizontal support
3. Momentum & Signal: Price below 149.231 confirms bearish bias remains dominant. Stochastic shows early signs of reversal, but still below the neutral zone. Ichimoku’s outlook remains bearish; clouds act as overhead resistance.
4. Strategy Advice:

• Bearish Bias Preferred while below 149.231. Consider short entries on rejection candles near resistance zones.
• Watch for Reversal Signals if price breaks and closes above 149.231 with volume; could retest 151.041.
• Cautious Buying may be considered from 145.509 support zone with tight stops if bullish divergence strengthens.

Market Performance:
Forex   Last Price % Change
EUR/USD    1.0907          +0.03%
GBP/USD   1.2730           +0.09

Today’s Key Economic Calendar:
AU: Westpac Consumer Confidence Change
AU: NAB Business Confidence
CA: Ivey PMI s.a