USD/JPY (a 4-hour chart)
The Japanese yen started to recover immediately before the next Bank of Japan meeting outcome.
The Japan's economy continued to recover at a moderate temps; however, the definite manufacturing sector is due to the sales tax increase.
The Bank of Japan has lowered the industrial output; the segment weakness is partially due to reserve structure changes.
The pair USD/JPY is correcting to the strong support level of 108.00.
The price is finding the first support at 108.00, the next one is at 107.20. The price is finding the first resistance at 108.50, the next one is at 109.40.
There is a confirmed and a strong sell signal. The price is under 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 downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is decreasing.
The potential growth targets are the resistance levels: 109.00, 109.40.