Red lines- Fibonacci extension targets
USDJPY is trading at new short-term higher highs. Price is now around 134.71 making new daily highs. Upside potential remains towards 136.50-137 and if this resistance is broken, we can expect a move above 141. Price in the near term continues forming higher highs and higher lows. The RSI in the daily chart has still not reached overbought levels. The RSI is positively sloped. Support is found at previous higher high of 133.74 and next support is at the previous higher low at 132. As long as price is above these two levels, bulls remain in control of the trend. Bulls do not want to see price break below 132. For now there is no such sign of a reversal.