FX.co ★ USDJPY technical analysis for August 30th, 2022.

Red lines- bullish channel

USDJPY is approaching the 2022 highs. Price remains inside the upward sloping channel created at the beginning of August. Price continues making higher highs and higher lows. Support by the lower channel boundary is at 137.60. Trend support is 135.58 at the August 8th high. Bulls do not want to see price pull back below this level. This will cancel their chances of making new 2022 highs. A pull back towards 136.50-136 is not out of the question as the RSI is turning lower from overbought levels and after a bearish divergence. A pull back towards that area is considered a buying opportunity with 135.58 as stop.