FX.co ★ Technical analysis on USDJPY for January 24th, 2023.

Red lines- bearish channel

USDJPY is trading around 130.09. Price recently tested the upper channel boundary and got rejected. Recent price behaviour confirms the importance of the channel boundaries. USDJPY remains in a bearish trend as price continues trading inside the bearish channel since October. Resistance is key at 131.30-131.50. As long as price is below this level then short-term trend will remain bearish. Next support level is at 129.05. The RSI continues to provide bullish divergence signs, but we have no reversal confirmation by price yet. So bulls need to be patient. There is still no sign of a reversal.