USD/JPY (a 4-hour chart)
From the the US non-productive sphere ISM index we can expect a reduction compared to the previous month. The manufacturing index has already shown a decline below the annual average, next is the business activity decline in the services sector. We can also expect the downward dynamics continuation on the US and Japan stock markets.
From the level of 120.40 the downward correction to the upward trend line of 118.00 was formed.
The price is finding the first support at 118.00, the next one is at 117.00. The price is finding the first resistance at 119.20, the next one is at 120.40.
The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement and form a “Dead Cross”.
The MACD indicator is in a negative territory. The price is decreasing.
The potential growth targets are the resistance levels: 119.20, 120.40.