USD/JPY (a 4-hour chart)
Japan celebrated a national holiday – the state foundation day. On this occasion, the Japan banking institutions were closed yesterday. Growth in the world's leading stock markets will spur demand for the pair dollar/yen.
There were the resistance level of 119.20 breakthrough and the level of 120.40 testing. Due to the formed breakthrough the medium-term downward trend reversed upwards.
The price is finding the first support at 119.20, the next one is at 118.00. The price is finding the first resistance at 120.20, the next one is at 121.60.
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 shows an upward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is growing.
After the resistance level of 120.40 breakthrough upwards the way to the resistance level of 121.60 will be opened.