USDJPY on the weekly timeframe is in a downtrend, traded around 149.341 after failing to sustain above key resistance levels. The pair has broken below 152.383, indicating further bearish momentum. This suggests that sellers remain in control, pushing the price lower in search of the next support zone.
The pair is traded below the 50-week moving average, reinforcing the bearish sentiment. The Bollinger Bands are expanding, suggesting increasing volatility, with price moving toward the lower band. If this trend continues, the pair could test deeper support levels in the coming sessions.
The Stochastic (5,3,3) at 11.47/12.74 is deep in oversold territory, which could indicate a potential rebound. However, given the strong bearish trend, a recovery may be limited unless a bullish reversal pattern emerges. Traders should watch for confirmation signals such as bullish candlestick formations before considering long positions.
Market Observation & Strategy Advice:
1. Key support: 149.341 – A breakdown below this level could lead to further downside toward 147.500.
2. Key resistance: 152.383 – A break above this level may signal a bullish correction toward 157.697.
3. Bearish pressure remains strong, as price struggles below key resistance.
4. Trading strategy:
5. Stochastic oversold signals a possible bounce, but confirmation from price action is needed before entering long positions.
Market Performance:
Exchange Last Price % Change
EUR/USD 1.0395 -0.02%
GBP/USD 1.2598 +0.01%
Today’s Key Economic Calendar:
FR: Inflation Rate YoY Prel
US: Core PCE Price Index MoM
CA: GDP Growth Rate Annualized and QoQ
Risk Disclaimer: This report is for informational purposes only and does not constitute financial advice. All investments involve risk and past performance is no guarantee of future results. Please consult your financial advisor for personalized investment advice.
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