FX.co ★ New weekly highs for USDJPY.

Red lines- bullish channel

Black lines- bearish RSI divergence

USDJPY is trading around 148.87 making new weekly and 2022 highs. Trend remains technically bullish as price continues making higher highs and higher lows. The RSI is providing us with a very important warning. The up trend is weakening according to the RSI. A pull back at least towards the lower channel boundary is justified. A pull back towards 141 is very possible. Bulls need to be very cautious. Traders need to have patience. The RSI bearish divergence is only a warning and not a reversal signal.