Hello Traders!
What are vour thoughts on USDJPY? On the 4-hour chart. USD /JPY is exhibiting a well-defined bearish structure in the medium term. After several failed attempts to break and hold above the 160.000 psychologica resistance level, price action is now signaling a shift toward a bearish momentum.
Key Technical Insights: Supply Zone: The red shaded area between 159.500 and 160.200 has proven to be a formidable barrier Multiple rejections in this zone indicate neavy institutional selling pressure Descendina Channel & Confluence: The pair is currentlv trading within a descending channel. Price has recently tapped the upper boundary of this channel, coinciding perfectly with the Fibonacci retracement . This technical confluence strenathens the bearish Given the current structure, price is expected to resume its bearish movement after reiecting the channel resistance, potentially heading toward the lower boundary
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