USD/JPY (a 4-hour chart)
The dollar was stable against the yen. Earlier the Japan data showed that household spending declined by 3.0% in June, confounding the projected decline by 0.5%, after the previous month increase by 2.4%. The data also showed that the Tokyo consumer price index rose up by 0.2% this month in line with the market expectations.
The maximum of 124.47 was updated, but bulls failed to consolidate above the level of 124.30 – there was a false breakthrough which led to the downward rebound.
The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50.
The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen are directed upwards.
The MACD indicator is in a positive territory. The MACD is decreasing.
The growth targets are 124.30 and 124.70. Shall the price fall it will go to 122.40.