USD/JPY (a 4-hour chart)
After the quotations moderate growth – we can expect a partial long positions profit taking. The pair dollar/yen is now above the psychological level of 120.00 where it is possible to expect a short-term bears activity. The US and Japan bond yields showed a reduction that also acts on the bears’ side.
The US dollar continues to rise against the Japanese yen without a stop for a correction. The short-term price consolidation at the intermediate support level of 119.20 is a good signal for the bullish trend continuation.
The price is finding the first support at 120.40, the next one is at 119.40. The price is finding the resistance at 121.60.
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. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is increasing.
The upward movement will be continued. The pair may go to 122.00 soon.