Sell USDJPY Bearish Channel

The USD/JPY pair on the M30 timeframe displays a bearish signal due to a well-defined downward channel pattern, suggesting a potential selling opportunity in the coming minutes or hours.

Key Points:

Bearish Channel: The price has been confined within a descending channel characterized by two falling lines, one for resistance and one for support. This pattern indicates ongoing selling pressure and potential for further decline.

Sell Entry: Consider entering a short position around the current price of 148.03, situated close to the channel resistance. This offers an entry point near a potential reversal zone.

Target Levels: Initial bearish targets lie at the support levels of 147.37 and 147.03, marking previous support zones within the channel.

Stop-Loss: To manage risk, place a stop-loss order above the channel resistance line at 148.40. This helps limit potential losses if the trend breaks unexpectedly.

Trade active:

Risk Aversion: Global market sentiment remains slightly cautious due to ongoing geopolitical tensions and concerns about slowing economic growth, potentially favoring the safe-haven Japanese Yen.

Stronger Japan Manufacturing PMI: Data released showed a rise in Japan's Manufacturing PMI for January, indicating resilience in the Japanese economy and potentially strengthening the Yen.

Trade closed manually:

USD/JPY now close manually @ 148.32📣📣 (-27 Pips loss)