USD/JPY: Bearish Momentum Persists as Rebounds from Resistances
Yesterday, the USD/JPY currency pair experienced a notable rebound from our identified resistance area of interest, located around the 139.000 level. This rebound was a significant development, indicating a potential shift in market sentiment. Today, as we analyze the price action following this rebound, it appears that the pair is poised to continue its downward trajectory within a well-defined bearish channel.
The break of a minor bearish channel further supports our view of a bearish continuation for the USD/JPY. This breakdown suggests that sellers are gaining control and are likely to exert further downward pressure on the pair. The confirmation of this bearish continuation would be reinforced by sustained price movement within the larger bearish channel.
As we closely monitor the price action, our outlook remains bearish for the USD/JPY. We anticipate further downside potential as the pair adheres to the established bearish channel. Traders and investors should be mindful of this prevailing trend and consider opportunities for short positions in line with the anticipated bearish continuation.
The break of a minor bearish channel further supports our view of a bearish continuation for the USD/JPY. This breakdown suggests that sellers are gaining control and are likely to exert further downward pressure on the pair. The confirmation of this bearish continuation would be reinforced by sustained price movement within the larger bearish channel.
As we closely monitor the price action, our outlook remains bearish for the USD/JPY. We anticipate further downside potential as the pair adheres to the established bearish channel. Traders and investors should be mindful of this prevailing trend and consider opportunities for short positions in line with the anticipated bearish continuation.