USD/JPY (a 4-hour chart)
According to the revised data, the Japan GDP growth was 1.5% on the annual basis that is lower than the previously reported GDP growth preliminary data that was 2.2%. The economists’ forecasted 2.2% as well. The US and Japan 10-year bond yields increased by 13 basis points which is a strong bullish factor for the US dollar.
The US dollar continues to strengthen against the Japanese yen, breaking through the strong resistance level of 120.30 amid the increased trading volume.
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 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 growing.
The pair can grow to the resistance level of 121.60. After breaking 1.3665 the buyers may go to 122.40.