USDJPY has managed the last two weeks to climb above 109 and re-test the November highs. The RSI is providing several warning signs for bulls.
USDJPY is showing rejection signs at the 109.70 area. The RSI is showing bearish divergence signs and rejection at the green resistance trend line. This implies that we should favor the bearish scenario for a move lower as long as price is below the 109.70-109.90 resistance area. Major support at 108.40 is key. Breaking below this level will open the way for a move towards 107.
