USD/JPY (a 4-hour chart)
The downward trend is continued amid the "risk assets" positions cutting. The pair USD/JPY fell victim to the yen status as a safe-haven currency. Besides the dollar growth and the Nikkei index the macroeconomic statistics supported the yen. After the GDP recent favorable data Japan published the machinery and equipment orders report which have slowed the November decline to -17.9% y / y from -22.9% previously.
The price is finding the first support at 121.30, the next one is 120.40. The price is finding the first resistance at 122.40, the next one is at 123.20.
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 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 approach to the level of 122.40 may lead to a price rebound down. The potential rebound targets are the support levels of 121.30, 120.40.