Here is the Yen as an ETF:FXY. Price broke up over 120 resistance to 122.50 and reached a very overbought level as per CCI 20 above the very overbought zone of +200. Price has now pulled back to its short uptrendline and more importantly nearing its 120 breakout point support as a test. Price must hold above 120 to confirm the breakout point is now support. This is also the 20ema that price has cleared and remained above for 2 weeks now but also below the falling 50ema and falling 200ema. Holding above 120 and then clearing 122 would confirm a successful test and a likely resumption of the uptrend again. A close below 120 would confirm this was nothing but a dead cat bounce to the Fib 38.2% retracement level. The Yen has rallied from April well into May for the last 3 previous years.
