USD/JPY (a 4-hour chart)
The Japanese yen has been growing since Friday. The U.S. Treasuries market uncertainty where the trading had no direction caused the traders’ desire to get away from the risk. There is not much Japan economy news as usual at the month beginning. The sales tax growth introduced in April had a lot of influence on the indicators dynamics as everyone expected.
The whole previous week the Japanese yen was trading downward relative to the U.S. dollar. Despite the fact that the week was filled with fundamental data on JPY and USD, we didn’t observe any special volatility on this instrument.
The price is finding the first support at 101.60, the next one is at 101.00. The price is finding the first resistance at 102.23, the next one is at 103.00.
There is a confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The uptrend movement will be until the price is above the Kijun-Sen. The Cloud is growing.
The MACD indicator left the neutral territory and started growing.
The MACD supports the growth so far. The potential targets for the growth are 101.35 and 102.70.