USDJPY Top of Channel Up. Sell signal.

The USDJPY pair has been trading within a Channel Up pattern since the July 14 2023 Low on the 1D MA200 (orange trend-line). Currently it is about to exhaust the 2nd Bullish Leg of this Channel as it approaches its top (Higher Highs trend-line). It begun with a Low on the 1W MA50 (red trend-line) and then a Higher Low on the 1D MA200.

With the 1D RSI overbought for the first time since July 05 2023, we are turning bearish on USDJPY after a long time but only for the short-term. Our target is 146.500 (Support 1).


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