USD/JPY (a 4-hour chart)
The world leading stock markets growth put pressure on the Japanese yen as a funding currency. The United States published the jobless claims release. The data showed the decrease by 6 000. It is impossible to ignore the commodity market sales.
The oil, gold, copper, platinum and other commodities quotations fell very much which is a positive factor for the dollar as the raw materials cost is denominated in US currency.
The price is finding the first support at 120.40, the next one is 119.20. The price is finding the first resistance at 121.60, the next one is 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 and the Kijun-sen show a horizontal movement and form a “Golden Cross”. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is consolidating.
The buyers need to break above 121.60 for a steady growth. The way to the mark 122.40 will be opened after this breakthrough.