FX.co ★ Technical analysis on USDJPY for May 26th, 2023.

Red lines- bullish channel

USDJPY is trading around 139.75. Short-term trend remains bullish as price continues to trade inside the red upward sloping channel. The momentum remains bullish but it is weakening according the bearish RSI divergence. This divergence is not a bearish sign, but only a warning. As long as price is inside the channel, bulls will remain in control. Channel support is found at 139.30. As long as we see price above this level, bulls have nothing to fear. So far there is also no sign of a top formation. Price continues making higher highs and higher lows.