USD/JPY (a 4-hour chart)
There were presented the May Japan payment balance. The trade deficit increase with the Bank of Japan foreign reserves reduction indicated the negative data output which would have pressure on the Japanese yen in the short term. The payment balance trade deficit in May: -47.3 billion yen against the forecasted-283.8 billion yen.
The price is finding the first support at 120.40, the next one is at 119.20. The price is finding the first resistance at 121.60, the next one is at 122.40.
There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is falling.
We suppose the pair will go to 119.20 first. Having overcome the first target the price might go downwards to 118.30.