USD/JPY (a 4-hour chart)
There was not important macroeconomic statistics yesterday. The debt market pointed out to the bullish trend continuation. The US and the Japanese government bonds differential profitability is confidently kept at the level of 200 bp. Yesterday the utility service sector was the growth leader in the US stock market which indicates the lack of investors' risk appetite.
The corrective decline is amid the low volumes and stopped below the resistance level of 123.20.
The price is finding the first support at 122.40, the next one is 121.30. The price is finding the first resistance at 123.20, the next one is at 123.80.
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 a horizontal movement and the Kijun-sen shows 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 consolidating.
If the price fixates above the resistance level of 123.20, it may continue the growth in the short term. The potential target is 123.80.