As the Yen is yearning for a rise in price against the US dollar, the US dollar was able to gain more than the Yen in the last one week. For the most part of 2019, the American dollar has gained about 4.914% against the Japanese yen, which signifies a bullish movement for the $USDJPY. Price of $USDJPY has failed to touch the upper line of the Bollinger bands despite the bullish movement. We have seen at two different instances that price of $USDJPY touched the resistance level line on the chart. Technically, it shows a double top, a strong indication of a reversal.
A doji has been formed after price touched the resistance level. Before the correction occurred on the 11th of April, price of $USDJPY touched the Bollinger band’s middle line. On the RSI chart, the price of $USDJPY did not show the overbought position on the daily chart. Also, the Ichimoku’s future still shows bullish strength, meaning the bulls are stil very much active. However, the trendlines have been broken to the downside on the 8th of April before a correction occurred. The expected support level is 109.517 from its current 111.932.