HELLO Dear friend USD JPY Traders
Technical Analysis represents a bearish analysis setup on the USD/JPY 1-hour timeframe, with the following key elements:
1. Ascending Channel: Price was previously moving inside an ascending channel, indicating bullish momentum.
2. CHoCH (Change of Character): A break below the channel support and structure level, marked as a change in market direction (from bullish to bearish).
3. Support Level: The price is currently testing a support zone around 142.400. The annotation suggests, “IF BREAK OUT”, meaning a break below this support could trigger further downside.
4. Bearish Target: If support breaks, the projection is for the price to drop to the 139.872 zone, marked as “POINT”.
5. EMA Bearish Crossover: The 50 EMA (red) has crossed below the 200 EMA (blue), adding confluence to the bearish bias.
Idea Summary:
Short Bias: Upon confirmation of the support level break (below 142.400).
Target: Around 139.872.
Confirmation: Look for bearish price action or retest/rejection from the support-turned-resistance area.