USD/JPY (a 4-hour chart)
The world leading stock markets do not give strong signals on the purchase and sale. In this regard, now it becomes clear whether investors open the carry trade operations or close them. The Japanese and the US government bond yields are increasing in favor of the US dollar. The US producer prices index was published. It was assumed that the negative data would put pressure on the US currency.
The pair dollar/yen continues to stay in the consolidation. The pair is trading above the support level of 120.40.
The price is finding the first support at 120.40, the next one is 119.20. The price is finding the first resistance at 121.60, the next one is 122.40.
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 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 consolidating.
The approach to the level of 120.40 may lead to a price rebound upwards. The potential rebound targets are the resistance levels of 121.60, 122.40.