In October 2021, the $USDJPY pair closed above 113.830 since November 2018. Price closed at the highest level in the last 3 years at 114.358 on the 19th of October. $USDJPY has maintained its price around 102.862 since 2016. On the weekly chart, there are above 5 times in the last 5 years that price tried to touch and break the support, but it eventually led to a bounce. The most recent bounce occurred between December 2020 and January 2021. It has all been bullish for the $USDJPY in 2021. The trendline has been drawn from 2016 to 2021, which shows there is a breakout to the upside. This breakout of the trendline occurred in June 2021. RSI on the chart still shows that the price has been overbought in two different cases. Will this lead to price reversal?
Weekly Chart
The 4hr Chart has shown that price maintained a support level at 113.253 since a breakout to the upside occurred in the first two weeks of October 2021. Price has been raging between 113.253 and 114.655. The support level was broken to the downside this month. The breakout might be a fakeout, as the price is beginning to consolidate as USD has been gaining against JPY in the past few days. The price might appreciate to 113.690 in the coming weeks from its current 112.904
4hr Chart
