USD/JPY (a 4-hour chart)
The US labor market data came out better than the consensus forecast that strengthen the dollar. The pair sharply grew amid this release. The investors are still convinced that the Fed will not rush with the monetary policy tightening.
The price is near the level of 119.20. The pair grew up from the level of 117.00 and broke the resistance level of 118.00.
The price is finding the first support at 118.00, the next one is at 117.00. The price is finding the first resistance at 119.20, the next one is at 120.40.
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 “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 growing.
We believe the growth will be continued now. The first target is the level 120.40.