USD/JPY 1-hour timeframe with technical analysis applied.

1. Downtrend Confirmation: The price has been declining after reaching a peak (marked by a red arrow and yellow circle), suggesting a strong resistance level.


2. Trendlines and Channels:

The black and red trendlines represent resistance levels.

The blue and green trendlines indicate possible support zones.

The price has been moving within a descending channel.



3. Current Price Level: USD/JPY is at 150.021, continuing the downtrend.


4. Possible Scenarios:

If the price breaks below the lower trendline, further downside movement could occur.

A breakout above the black/red resistance trendline might indicate a bullish reversal.



5. Resistance at 155.203: If the price recovers, the 155.203 level could act as a major resistance.



This analysis suggests that USD/JPY is in a bearish phase unless a breakout occurs. Would you like help formulating a trade idea based on this?