USD/JPY (a 4-hour chart)
The Japan household expenditure negative statistics indicates to the wages increase that can cheer the bulls up for the long positions opening. Yesterday the world leading stock markets confidently increased which is also a bullish factor for the pair USD/JPY.
Before reaching the last month high that is the mark of 120.40, the price turned down for a correction. The US dollar sharp decline against the Japanese yen is not supported by the trading volumes.
The price is finding the first support at 119.20, the next one is at 118.00. The price is finding the first resistance at 120.40, the next one is at 121.60.
There is a confirmed and a strong 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. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is correcting.
We may expect the fall towards 119.20 further on we expect a growth to 120.40.