USD/JPY (a 4-hour chart)
The USD/JPY reached six-year maximum and continued its growth. One can hardly expect a significant dollar weakening in anticipation of the United States Friday employment report, the Wednesday Tankan report by the Bank of Japan and a decision on the EU interest rates that will be taken on Thursday.
Previously, the buyers could break above the resistance level of 109.40, which acts as a support. The growth is not supported by the trade volume.
The price is finding the first support at 109.40, the next one is at 109.00. The price is finding the resistance at 110.00.
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 increasing.
We believe the growth will be continued now. The first target is the level 110.00