USD/JPY (a 4-hour chart)
The traders’ attention will be focused on the US and Japan stock markets dynamics amid the empty macroeconomic calendar. Yesterday S & P500 and the Nikkei 225 stock indices came to the strong support that can encourage bulls for opening long positions.
The support level of 119.20 breakthrough was amid the very high volume. The pair continued its falling after this support break.
The price is finding the first support at 118.00, the next one is at 117.00. The price is finding the first resistance at 119.20, the next one is at 120.40.
There is a non-confirmed and a weak sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows 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 buyers need to break above 120.40 for a steady growth. The way to the mark 121.60 will be opened after this breakthrough.