USD/JPY (a 4-hour chart)
Japan has published a block of important macroeconomic statistics where the April inflation data are standing apart. The unemployment reduction and the average earnings growth in March indicate the CPI increase. The Japanese 10-year bond yields decreased by seven basis points in April which does not allow us to count on the data output significantly better than the forecasted medians.
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 125.30.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is growing.
We suppose the pair will go to 123.50 first. Having overcome the first target the price might go downwards to 122.40 and 121.60.