There was the investors' risk avoidance in financial markets (the world leading stock markets sales) which is a "bearish" factor for this pair. Investors closed the carry trade transactions which contributed to the Japanese yen demand as a funding currency. The Federal Reserve interest rate decision may affect the pair’s dynamics which will be published on Wednesday evening. Before reaching the support level of 122.40, the downward trend reversed in the short-term correction. The resulting correction is on the low volumes and is aimed at the resistance level of 123.50.
The price is finding the first support at 122.40, the next one is at 121.60. The price is finding the first resistance at 123.50, the next one is at 124.30.
The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement.
The MACD indicator is in a negative territory. The price is decreasing.
After testing 123.50 we expect a consolidation. Then the price may go down. The downward targets are 122.40, 121.60.