USD/JPY (a 4-hour chart)
Last Friday we saw sales in the US and the Japanese stock market which indicates the lack of demand for the risky assets.
The debt market also points to the upward trend completion: the US and Japan negative bond yields shows a decline. There was the positive manufacturing sector business activity report published from the ISM. This points out to the bullish sentiment prevalence.
The price is finding the first support at 124.30, the next one is at 123.50. The price is finding the first resistance at 125.50, the next one is at 127.00.
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 an upward 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 believe the growth will be continued now. The first target is the level of 125.50., the next on is the level of 127.00