USD/JPY (a 4-hour chart)
The US dollar has fallen against the Japanese yen. The Japanese yen received some support after the Japanese Prime Minister Shinzo Abe had expressed his concern about the yen weakness impact on the national economy.
The level of 108.50 upward testing was unsuccessful. Sellers returned the price below the support level of 108.00, thus confirming their intention to continue the downward trend.
The level of 108.00 reverse break was amid the high volume.
The price is finding the first support at 107.60, the next one is at 107.10. The price is finding the first resistance at 108.00, the next one is at 108.50.
There is a confirmed and a strong sell signal. The price is under the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Dead Cross”. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is decreasing.
The potential decrease targets are the support levels: 107.10, 106.70.