USD/JPY (a 4-hour chart)
The Japanese currency continues to be influenced by the U.S. government bonds market. The multidirectional fluctuations at yesterday's trading ended on the opening prices – The Japan's GDP for the 1st quarter little supported the yen, but its return under the pressure was caused the U.S. "Treasuries" yield increase
The U.S. dollar decrease against the Japanese yen was to a lower uplink bounce which is located at the strong support level 102.30
The approach to 102.30 occurred at low volumes which gives an additional reason for the price to bounce up. It is likely that the short-term consolidation will be formed at such a strong level.
The price is finding the first support at 102.23, the next one is at 101.60. The price is finding the first resistance at 102.70, the next one is at 103.20.
There is a confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The uptrend movement will be until the price is above the Kijun-Sen. The Cloud is growing.
The MACD is in a positive area and is descending confirming the current sentiment.
The upward bounce potential target are 102.60, 102.75. If the price falls it will get to 102.23.