Red lines- bearish RSI divergence
Green line -support trend line
USDJPY made a new higher high for 2022 today reaching as high as 139.40. Our long-term view remains bullish USDJPY as we remind our readers the major long-term inverted head and shoulders break out that occurred when price broke above 126.40. In the near term price remains in a bullish trend making higher highs and higher lows. So far we only got warnings from the RSI as it makes lower highs producing bearish divergence signals. Price continues to respect support shown above as a green line. Yesterday's low at 136.70 area is now a key support. Bulls remain in control as long as price is above it. Breaking below it will also bring price below the green trend line. This would be a bearish signal.
