The US dollar which showed some strength against the yen started to sag by Tuesday, Jan 6th.
The drop of the dollar for the last three days last week was quite heavy that it is now resting at 61.8 correction. Technically, the USDJPY was at overbought level on RSI and the lag (the fast(blue) and the slow(red)).
The price tagged the upper channel of BB showed a candle reversal (dark cloud cover) and moved rapidly downward, breaching the 20 SMA, the flat 200 EMA and uptrend support line (L1).
USDJPY closed at 61.8% of the swing low to high, 38.2% of the swing high to low and support line L2.
Next week, USDJPY is expected to test the 90.00 level wih further support at 88.50 level.
