USD/JPY (a 4-hour chart)
The US moderately negative macroeconomic trade balance statistics with the technical correction which we observe in the USDX dollar index shows the bearish sentiment predominance. However, the economic slowdown in Japan as well as the world's leading stock markets growth will not allow the yen to strengthen significantly.
The price movement is changeable at the level of 117.00 which first makes its way downwards and then upwards. During the breaks the trade volumes are in the reduced zone.
The price is finding the first support at 117.00, the next one is at 115.80. The price is finding the first resistance at 118.00, the next one is at 119.20.
There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form “Dead Cross”. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a neutral territory. The price is growing.
The approach to the level of 117.00 may lead to a price consolidation.