Red lines- bearish channel
Blue line- support
USDJPY remains in a bearish trend. Price continues making lower lows and lower highs in the medium- term downward sloping red channel. Price recently got rejected at the upper channel boundary at 130.50. Very soon we could have a new sell signal. Support by the short-term blue upward sloping support trend line is found at 129.35. A break below this level will be a new sell signal and will imply that more downside should be expected. Resistance remains key at the upper channel boundary. As long as we trade below the upper channel boundary, trend will remain bearish.
