USD/JPY (a 4-hour chart)
The leading NASDAQ high-tech index indicates demand for the "risky assets" which is a negative factor for the "safe assets" that traditionally include the Japanese yen.
In addition, the US two year government bond yields increase which reflect expectations, concerning the Fed rate is also a positive factor for the dollar.
The pair dollar/yen was forming a growth structure. Having tested the resistance level of 120.40 the pair rebounded downwards.
The price is finding the first support at 119.20, the next one is at 118.40. The price is finding the first resistance at 120.40, the next one is at 121.60.
The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Dead Cross”.
The MACD indicator is in a negative territory. The price is decreasing.
We recommend going short with the first target – 119.20. When the price consolidates below the first target it may go to the level 118.40.