USDJPY Weekly

If you're considering selling USDJPY based on the weekly high and an overbought RSI, you may want to look for additional confirmation signals and consider potential reversal patterns.

Common reversal patterns include:
USDJPY: 151.80
RSI: Overbought area
Trading Action: Sell
Reasoning: Weekly high and overbought RSI
Reversal Pattern: Look for patterns like Bearish Engulfing, Shooting Star, Head and Shoulders, or Double Top.

Bearish Engulfing Pattern: A bearish candlestick that engulfs the previous bullish candle, signaling a potential reversal.

Shooting Star: A candlestick with a small body at the bottom and a long upper shadow, indicating possible selling pressure.

Head and Shoulders: A reversal pattern with three peaks – a higher peak (head) between two lower peaks (shoulders), signaling a trend reversal.

Double Top: A chart pattern with two peaks at approximately the same price level, suggesting a reversal.

Always be cautious and consider using risk management strategies, such as setting stop-loss orders, to protect your investment. It's also essential to stay informed about relevant economic and geopolitical factors that could impact currency movements.

Before making any trading decisions, it's advisable to conduct thorough technical and fundamental analysis and, if possible, consult with financial professionals. Keep in mind that trading involves risks, and past performance is not indicative of future results.