FX.co ★ Technical analysis on USDJPY for November 16th, 2023.

Red line- resistance

Green line- support trend line

USDJPY is trading around 150.50. Technically medium-term trend remains bullish as price continues to trade above the green upward sloping support trend line. Recently we mentioned some warning signs of a weakening up trend and the increased chances of a reversal. USDJPY turned lower from 151.92 towards the green support trend line. Initially price respected the green trend line and bounced towards 151.43 where it formed a lower high. Now price is turning lower again to test the green support trend line. A break below the support trend line would be a sign of weakness and will increase chances of a bigger reversal. Resistance is at 151.30. Bulls want to break above this level in order to hope for new higher highs. Our primary scenario sees USDJPY breaking lower over the coming sessions.