USD/JPY (a 4-hour chart)
The pair USD/JPY is consolidating and closed the trades with a slight decrease. The Bank of Japan governor gave his speech which supported the Japanese yen. Mr. Kuroda noted the inflation expectations growth amid the wages and energy prices increase. The Japan 10-year bond yields have increased by 12 basis points for the last month.
The US dollar strong growth against the Japanese yen went into a prolonged consolidation.
The price is finding the first support at 124.30, the next one is at 123.50. The price is finding the first resistance at 125.50, the next one is at 127.00.
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 consolidating.
The potential decrease targets are two levels of support: 123.50 and 122.40.