USD/JPY (a 4-hour chart)
Traders will focus their attention on the stock market dynamics amid the absence of Japan and the US important macroeconomic statistics publication. The Tokyo Stock Exchange began its work after 4-day weekend and we can expect the bearish sentiment prevalence.
Last trading week the US stock market finished in the negative area and today we can expect the negative dynamics continuation.
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.
The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement and form a “Golden Cross”.
The MACD indicator is in a neutral territory. The price is decreasing.
The buyers need to break above 120.40 for a steady growth. The way to the mark 121.60 will be opened after this breakthrough.