Red lines- bullish channel
Black lines- bearish RSI divergence
USDJPY is trading around 148.87 making new weekly and 2022 highs. Trend remains technically bullish as price continues making higher highs and higher lows. The RSI is providing us with a very important warning. The up trend is weakening according to the RSI. A pull back at least towards the lower channel boundary is justified. A pull back towards 141 is very possible. Bulls need to be very cautious. Traders need to have patience. The RSI bearish divergence is only a warning and not a reversal signal.
Relevance up to 13:00 2022-10-31 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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