USD/JPY (a 4-hour chart)
The course of trading is determined by the world's leading stock exchanges mood. The positive decision of the Greek problem increased the demand for risk and in this regard the upward trend will be continued. Institutional investors continue to increase transactions on operations carry trade where the Japanese yen is a funding currency.
The price has been correcting to 123.50 for the fourth time in the past six weeks, acting as a resistance. The mark of 123.50 test is occurred on the reduced volume.
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.
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 an upward movement and the Kijun-sen shows a downward movement and form a “Golden Cross”. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is consolidating.
The pair can grow to the resistance level of 123.50. After breaking 123.50 the buyers may go to 124.30.