USD/JPY (a 4-hour chart)
The pair decreased but the bullish trend is gaining momentum and now we expect the trend continuation. The United States can please traders with the retail sales positive statistics for January that will encourage traders to long.
The price is finding the first support at 118.00, the next one is at 117.00. The price is finding the first resistance at 119.20, the next one is at 120.40.
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 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 correcting.
The pair can grow to the resistance level of 119.20. After breaking 119.20 the buyers may go to 120.40 and 121.60.