USD/JPY (a 4-hour chart)
The personal consumption significant reduction was caused by the spring sales tax rate increase. That event has had a serious affect on the economic growth. The Japan and the US stock exchanges show a positive trend after the US strong employment release and against this background, we should expect 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 shows an upward movement and the Kijun-sen shows 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 correcting.
The upward bounce potential target is 120.40/