USD/JPY (a 4-hour chart)
The Japanese currency continued its falling versus the dollar last week amid the news that the Central Bank will continue to support its support programs to achieve the inflation level of 2%. BO last minutes have not brought much news, but confirmed that the course of monetary policy will not be changed.
However, at the short term, taking into account the fact that the pair is overbought, the correction may be formed towards 100.60-101.00, which is likely to act as immediate support, limiting a further reduction.
Chinkou-span, and the Ichimoku cloud is below the price. Tenkan-sen and Kijun-sen are directed upwards. Chinkou Span is below the price, the cloud is growing. Tenkan-Sen and Kijun-sen are horizontal
Bollinger Bands indicates an upward movement. The bands are slightly expanded and directed upwards. MACD histogram is still located in the positive zone, but slightly below its signal line, continues to gradually decline and thus sends a signal to sell.
The volumes at an ascending trend gradually begin to subside, indicating that the growth of the U.S. dollar near the resistance level 103.20 is stopped. But as long as the pair is above significant resistance levels we recommend to buy on pullbacks.