FX.co ★ Technical analysis on USDJPY for January 30th, 2023.

Red lines- bearish channel

Blue line- support trend line

USDJPY is trading around 130.28. Short-term trend is neutral as price has made no progress to the downside and it is mostly moving sideways. Price remains inside the medium-term downward sloping channel. Bears continue to control the medium-term trend. Price also continues to respect the blue upward sloping support trend line. USDJPY is very close to providing a bullish signal by breaking out of the bearish channel. The RSI has warned us some time ago about the potential reversal. What we need now is a trading signal. That would be a break above 130.80. Until then price remains vulnerable to the downside.