USDJPY – Significant bearish potential

17.11.2023

Daily: the market reversal downwards has started. The pair is ready to move into the lower Bollinger envelope, so the actual target for the bears is the support at 148.84.

H4: the lower Bollinger envelope is broken, and the ADX indicator is in the trend zone. Thus, the fall of quotes may accelerate.

H1: the RSI is very oversold intraday. It is quite possible that the market may need a technical pullback upwards to reset the indicators.

Conclusions: decline to 150.00, then a pullback to 151.00, then a new down phase.

Recommendations: Buy from 150.00 to 151.00 (only in case of confirming signal). Sell from 151.00.