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Red lines- bearish RSI divergence
USDJPY is trading around 150.74 after making a high yesterday at 151.92. In our analysis yesterday we warned traders that although technically trend remained bullish, there are warning signs from the RSI suggesting a pull back is imminent. The RSI provided several bearish divergence signals with several lower highs. Today's US inflation data gave the market participants the justification to start selling USDJPY. There are increased chances we are at the beginning of a major pull back. The recent low at 149.21 is important short-term support and a break below this level will confirm the trend reversal.
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