USD/JPY (a 4-hour chart)
After the US Federal Reserve D. Yellen performance the two-year Treasury bond yields increased to 1%, having set a new maximum for the last five and a half years. Thus the market believed in the FOMC interest rates hike on December 16.
The price is finding the first support at 122.40, the next one is 121.30. The price is finding the first resistance at 123.20, the next one is at 123.80.
There is a non-confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement, and form a “Dead Cross”. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a neutral territory. The price is growing.
The potential growth targets are the resistance levels: 123.80 and 124.30.