USD/JPY (a 4-hour chart)
The US private sector new jobs insignificant increase data have supported the yen for a short time. However, the reports about the world largest non-manufacturing sector activity growth not only returned the pair to their original positions, but also raised it up to the new intraday high.
The long price consolidation below the resistance level of 124.30 was followed by a breakthrough. The breakthrough was on the high volume, it is highly probable the uptrend continuation.
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 and form a “Golden Cross”. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is correcting.
The approach to the level of 124.30 may lead to a price rebound upwards. The potential rebound targets are the resistance levels of 125.50, 127.00.