USD/JPY (a 4-hour chart)
The Japanese importers will continue to defend the 119th figure. On the other hand, the moderate demand on the Japanese and the US stock markets will not allow the pair USD/JPY to fell below the 118th figure.
At the high volume sellers broke through the support level of 118.60 and returned the price back to the upper channel lower bound of 118.10. Near this mark a short-term consolidation was formed.
The price is finding the first support at 118.00, the next one is at 117.00. The price is finding the resistance at 119.20.
There is a confirmed and a weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a neutral territory. The price is decreasing.
The buyers need to break above 119.20 for a steady growth.