USD/JPY (a 4-hour chart)
The “bullish” sentiment prevailed within the pair USD/JPY. Investors ignored the Japanese and the US bond yields significant reduction after the ISM manufacturing sector release. However the bears came back to the market.
This week investors focused their attention on the non-farm payrolls report to get further indications on the economy strength as the Fed said that any of its interest rate decisions would depend on economic indicators.
The pair USD/JPY has stopped a slight increase. The resistance level of 123.20 breakthrough was short-term and the pair fell below this level.
The price is finding the first support at 122.40, the next one is 121.30. The price is finding the first resistance at 123.20, the next one is at 123.80.
The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen shows a downward movement.
The MACD indicator is in a positive territory. The price is correcting.
The buyers need to break above 123.20 for a steady growth. The way to the mark 123.80 will be opened after this breakthrough.