FX.co ★ Technical analysis on USDJPY for January 19th, 2023.

Red lines- bearish channel

USDJPY is trading around 128.38. Trend remains bearish as price continues making lower lows and lower highs. Price remains inside the medium-term downward sloping channel. Yesterday's bounce was a failed attempt to change short-term trend as bulls got rejected at the upper channel boundary and formed a long upper tail candlestick. Such a candlestick confirms the importance of yesterday's highs and the importance of the upper channel boundary. As long as price is below 131.30-131.50 trend will remain bearish.