USD/JPY (a 4-hour chart)
In the absence of any important macroeconomic statistics we should expect the moderate upward trend. After the January sales in the US stock markets we can expect the bulls’ return. The current levels are attractive for medium-term positions and this factor will support demand for the pair.
The price is finding the first support at 117.00, the next one is at 115.80. The price is finding the first resistance at 118.00, the next one is at 119.20.
There is a non-confirmed and a weak sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a neutral territory. The price is decreasing.
The potential increase target is the resistance level of 118.00.