USD/JPY (a 4-hour chart)
According to the Japanese industrial production volume has decreased contrary to our expectations last month. This indicator was 0.6% compared with 1.1% the previous month. Experts expected the growth rate to be 0.1% last month.
The price is finding the first support at 120.40, the next one is at 119.20. The price is finding the first resistance at 121.60, the next one is at 122.40.
There is a confirmed and a weak sell signal. The price is above the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a growth, the Kijun-sen is horizontal. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive area now. The price is correcting.
If the price fixates below the support 120.40, it may continue the downward trend in the short term. The potential target is 119.20. Otherwise the price will grow to 122.40.