Updating our previous technical analysis for the USDJPY (published on June 02), we can see how the extreme RSI14 readings over monthly studies have influenced the pair bearishly.
Furthermore, testing the highs of 2007 added negative pressures on the USDJPY due to booking profits made by long-term traders.
Of course, the monthly closing will define whether the USDJPY pair will continue to correct lower or not; however, the effect of the technical catalysts appeared over monthly basis have influenced the weekly graph.
The weekly studies offers potential negative divergence on RSI14 although two days remain until the end of the week, but the negative pressures are clear and may continue.
Having said that, the USDJPY may towards 119.30 regions to relieve momentum indicator.