USD/JPY (a 4-hour chart)
Investors have again "risk appetite" and in the light of this we expect the bullish sentiment. The Old World stock exchanges finish the trades in the "green zone". The banking and the energy sectors were again the leaders in the US market share and in this regard, traders can continue to build carry trade positions.
Buyers are correcting the price from the support level of 120.40. Its corrective growth was on the lower volumes. The level of 123.50 is a strong resistance for this pair.
The price is finding the first support at 122.40, the next one is at 121.60. The price is finding the first resistance at 123.50, the next one is at 124.30.
The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”.
The MACD indicator is in a neutral territory. The price is correcting
If the price fixates above the resistance level of 123.50, it may continue the upward trend in the short term. The potential target is 124.30.