USD/JPY (a 4-hour chart)
There was marked the carry trade transactions withdrawal the last day of the fiscal 2014 in Japan amid the capital repatriation by the Asian investors. The oil growth will contribute to the US dollar decrease which also plays into the bears’ hands within the pair USD/JPY.
The resistance of 119.20 breakthrough has led to the downward trend reversal. Despite the reduced volume, buyers have already come to the nearest target of 120.40. The resistance level of 120.40 approach is followed by the pair decrease.
The price is finding the first support at 119.20. The price is finding the first resistance at 120.40, the next one is at 121.60.
The price is under the Cloud and it is in the Chinkou Span. The Tenkan-sen shows an upward movement.
and the Kijun-sen shows a horizontal movement.
The MACD indicator is in a positive territory. The price is correcting.
The sellers need to break below 119.20 for a steady decrease. The way to the mark 118.00 will be opened after this breakthrough.