USD/JPY (a 4-hour chart)
The Japanese GDP final annual rate was sharply revised upwards to 1.0% against a decline by 0.8% previously and the modest forecast by 0.1% in the third quarter. The yen purchases were caused by the escape from risky assets as well as the Japanese favorable data.
The price is finding the first support at 122.40, the next one is 121.30. The price is finding the first resistance at 123.20, the next one is at 123.80.
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 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.
We suppose the pair will go to 122.40 first. Having overcome the first target the price might go upwards to 123.20.