USDJPY is testing its upward channel for once more

USDJPY is testing for once more the top of its rising upward channel. Besides of the channel the pair is testing multi highs at the 114.35-65 area where we believe that sellers would emerge aggressively. We have opened SELL positions at 114.35 preparing to add more on any new upside towards the 114.55-65 area. We will set our stops above 115.20 for 113.20 target. We will come back with updates...

Below you can see the weekly chart of the pair. RSI is testing also its previous highs that have led to corrections...

Comment:

Price activity confirmed at least for now the channel and the critical resistance of 114.30-65... As we can see in the 4H chart that follows a reversal candle is in the making. If the candle closes below 114.00 it will give extra validation to our scenario. Notice also an H&S pattern in the RSI...