The dollar-yen pair has recovered more than half of its losses from its peak of 113.80 formed on the 17th December 2018. The trend is still to the downside and the simple reason for this is because the price has not been able to break above the 50 and 100-day moving averages shown in green and pink respectively. Moreover, it looks like that the 50-day moving average is about to break below the 100-day moving average and this suggests to me that the bulls still do not own the momentum.
However, the RSI does confirm the fact that the price has bounced off from its oversold part and it is moving towards the upside which confirms that the current upward move does have potential, but the confirmation of downtrend no longer in play. It will only come when the price breaks above the important moving averages mentioned above.
The primary support is shown the horizontal solid green line and the minor support by the dotted line.
The primary resistance is shown the horizontal solid red line and the minor support by the dotted line.
