FX.co ★ USDJPY short-term technical analysis for January 23rd, 2023.

Red lines- bearish channel

USDJPY has started the week on a positive note. Price is bouncing towards the upper channel boundary resistance. Technically Daily trend remains bearish as price continues making lower lows and lower highs. Resistance by the channel is found at 131.60. A break above 131.60 would be positive for bulls.Until then trend remains bearish. The entire decline from 151.96 could soon very well be over and complete.The RSI confirms the weakening of the downtrend. Traders should not rule out a bigger bounce.