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FX.co ★ USDJPY turns lower after new highs.

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Forex Analysis:::2022-06-30T14:57:56

USDJPY turns lower after new highs.

USDJPY turns lower after new highs.

Red lines -bearish divergence

Blue line- resistance trend line

USDJPY made a new higher high for 2022 as expected above 137. The new high was short-lived and price has turned lower again towards 135.85. In our previous analysis we warned traders that we were expecting new highs and a reversal, specially if the new higher high was accompanied with a new bearish divergence in the RSI. Despite the new high, the RSI made a lower high, confirming the weakening of the up trend. A major pull back is justified from current levels and bulls need to be very cautious.

Analyst InstaForex
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