USD/JPY (a 4-hour chart)
The pair keeps trying to overcome a strong resistance 98.40-99.00. Should USD/JPY break this level that will confirm the resumption of the upward trend to test the maximum 103.75.
Additional growth confirmation we will get from a break above 100.60.
However, as the pair is trading below 99.00, downside risks remain with the possibility of testing a key support 95.80-96.50. A break and consolidation below 95.80 will be a signal of more prolonged correction in the direction of 90.00.
There is a strong and confirmed buy signal, as the chart is consolidated below Chinkou span, and the Ichimoku cloud is below the price. Tenkan-sen and Kijun-sen are directed upwards. Chinkou Span is below the price, the cloud is growing. Tenkan-Sen and Kijun-sen are directed upwards.
Bollinger Bands indicates the change of the trend being directed. The bands are widening.
The MACD is in a positive area right now. The histogram is decreasing.
The rising trend line support turned out to bу a good support for the pair having bounced the falling price up. The price broke 98.50, the road to 99.00 is open.
We believe that 99.00 will bounce the price down at least one time. We do not exclude a retest. This level breakthrough will open the way for such target levels, such as: 99.30, 99.50 and 100.00.