USD/JPY (a 4-hour chart)
The US dollar is now in a demand and therefore its main competitors will be under pressure. The US and
Buyers tried to consolidate above the last week maximum and broke through above the mark of 120.40. This breakthrough was followed by a smooth transition into consolidation.
The price is finding the first support at 119.20, the next one is at 118.30. The price is finding the first resistance at 120.40, the next one is at 121.60.
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 correcting.
We expect the 120.40 line break that will open the way for the buyers to 121.60.