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- USD/JPY continues to move in a descending channel
USD/JPY continues to move in a descending channel
Today, on the hourly chart, USD/JPY continues to move in a descending channel, trading below the MA (200) H1 moving average, which confirms the predominance of bearish sentiment. After repeated unsuccessful attempts to gain a foothold above the resistance of 145.50, the pressure on the pair increased, and the price fell to the level of 143.45, which acts as the closest support. The MACD indicator remains in the negative zone, the histogram shows a slowdown in the decline, which may indicate a short-term stabilization, but there are no signals for a reversal yet. To mitigate the bearish picture, the pair needs to overcome 144.50 and gain a foothold above MA (200) H1, located near the level of 146.20. Until then, the priority remains with sellers, and a breakdown of the 143.45 support may pave the way for a further decline towards 142.35 and below.
Resistance levels are: 145.50, 146.20, 147.65
Support levels are: 143.45, 142.35, 141.95
The main scenario for the pair's advance suggests a breakout of the session low of 143.45 (May 8 low) and a possible decline to 142.35 (May 5 low)
The alternative scenario assumes an increase to 145.50 (May 20 high) and there may be an increase to 146.20 (May 18 high)
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