USD/JPY (a 4-hour chart)
We observed a steady demand on the Japanese stock market that encouraged bulls to break through the 119th figure. We can expect the data release at the level of forecasted medians from the US macroeconomic releases with small deviations that can cool down the bulls. We observe the Japan and the US bond yields expansion on the bond market that also points out to the upward trend development.
The trade is without change within this trading instrument. The buyers have been rising for the third week the price towards the upward channel and at the lower volumes that can be clearly seen on the daily chart.
The price is finding the first support at 119.20, the next one is at 118.00. The price is finding the resistance at 120.40.
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 an upward movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is increasing.
If the price fixates above the level of 119.20, it may continue the upward trend in the short term. The potential target is 120.40.