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

Red lines- bullish channel

Violet lines- Fibonacci retracement levels

USDJPY is trading around 139.80. Price has broken out of the upward sloping red channel. The break out below the bullish channel combined with the bearish RSI divergence in the 4 hour chart, suggests that price is vulnerable to a move lower. Price made a double top rejection earlier today at 140.95. Price is now making lower lows. The upward move from 133.50 is most probably complete and a pull back is starting. Our first pull back target is at 139.17. Second pull back target is at 138.15. The bearish targets are cancelled if price recapture 141.