USD/JPY (a 4-hour chart)
The traders’ attention will be focused on the Japan inflation release. The strong energy prices decline with the weak consumer demand does not allow us to count on the positive news.
The sellers reduced the price to the strong support level of 117.00 amid the very low volume that has already turned the downward trend upwards for four times.
The price is finding the first support at 117.00, the next one is at 115.80. The price is finding the first resistance at 118.00, the next one is at 119.20.
The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement.
The MACD indicator is in a neutral territory. The price is decreasing.
The level of 117.00 retest is more likely to lead to a consolidation. Then we expect the upward movement.