14.06.202217:46 Forex Analysis & Reviews: USDJPY close to a short-term top.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Red lines- bearish RSI divergence

Blue line- long-term resistance trend line

USDJPY remains in a bullish trend making higher highs and higher lows. Price recently made a pull back towards 133.20 only to be defended by bulls. Price is now again close to 135 where we observe some sings of weakness in the up trend. USDJPY is trading close to the long-term resistance trend line. Price is making new higher highs but the RSI is not. I expect to see one more new higher high in USDJPY above 135. The chances of a reversal have increased. The bearish RSI divergence is an important warning and sign of weakening up trend. This is not a reversal signal. This is a warning to bulls.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.