The US and Japan government bond yields are increasing that is a "bullish" factor for the dollar as it increases the US assets attractiveness for institutional investors.
The world leading stock exchanges capital inflow forces traders to increase the carry trade operations through the Japanese yen as a funding currency. In this context, the yen will be under pressure that will have positive impact on the US dollar.
The upward trend within the Japanese yen was sharply reversed downwards, breaking through on its way the strong support level of 124.30. Now the mark of 124.30 is playing a role of the resistance level. There was a continuous consolidation formed below this level.
The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50.
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 consolidating.
The trend is a down side. We expect the level of 122.40 testing soon. The level of 122.40 may lead to the price consolidation.