USD/JPY (a 4-hour chart)
The sales wave swept across the US stock market which is a negative factor for the pair dollar / yen. The US and Japan 10-year bond yields reduction can also encourage bears to short.
The mark of 121.60 - 121.80 is the maximum in 2014. No wonder why there is a corrective price rebound downwards from this level now. It is worth noting that the price rebound was on the increased volume.
The price is finding the first support at 120.40, the next one is at 119.20. The price is finding the first resistance at 121.60, the next one is at 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. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is growing.
The pair is close to the strong resistance. If the pair breaks it we expect the growth to 122.40.