Relevance up to 14:00 2022-07-22 UTC+2 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.
Red lines- bearish RSI divergence
Green line -support trend line
USDJPY is trading around 138.65. Price continues trading inside the upward sloping wedge pattern respecting the upward sloping green trend line. Support is found at 137.85 and as long as price is above this level, we expect price to continue making higher highs and higher lows. USDJPY is close to ending the up trend. So far we got warning signals of a weakening up trend. Once the green support trend line is broken, we will get a reversal signal. Support is key at 137.20-137.85. USDJPY current technical picture justifies a pull back towards 130-127.
