USD/JPY (a 4-hour chart)
The Japanese yen was the most vulnerable asset in the foreign exchange market and fell against all the main opponents the other day. Obviously, the U.S. news were the main influence factors in a dispute with
the dollar tossed the pair up. The customers managed to consolidate above two strong resistance levels of 102.23 and 102.70. The breakthrough of the last level of 102.70 upward allowed the price to get out of a six-month limit rectangle side.
The price is finding the first support at 102.70, the next one is at 102.23. The price is finding the first resistance at 103.00, the next one is at 103.35.
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 shows an upward movement and the Kijun-sen shows 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 consolidating.
We believe the growth will be continued now. The first target is the level of 103.00, the next one is 103.35.