Japanese Yen Hits Channel Resistance

The USDJPY continues one its one way train. Bearish divergence as well as RSI rolling over from above 70 (240 minute chart) gives scope to price rolling over.

A break under the short term resistance line drawn off of the 5/11 and 5/18 lows near 121.36 is required to suggest that a turn lower has occurred. We are sitting tight for now but watching the USDJPY closely for any signs of a reversal.