USD/JPY (a 4-hour chart)
The Japanese economic data showed positive changes in the money supply – the M2 aggregate in July increased to 4.1% y/y vs. 3.9% y/y in June and the M3 aggregate rose up to 3.3% y/y from 3.2% y/y. The equipment orders dynamics was less encouraging – it was recorded 1.6% y/y in July against 6.6 y/y in the previous period.
It is noted the pair USD/JPY growth after the rebound from the support level of 124.30.
The price is finding the first support at 124.30, the next one is at 123.50. The price is finding the first resistance at 125.50, the next one is at 127.00.
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 an upward 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 125.50 breakthrough upwards the way to the resistance 127.00 will be opened.