USD/JPY (a 4-hour chart)
The US retail sales release is able to demonstrate growth and exit within the consensus. The hourly wages growth by 0.2% in November can spur demand in the Christmas period. The consumer confidence positive releases from the Conference Board and the University of Michigan confirmed the positive trend.
There was a strong support level of 117.00 breakthrough. Due to the formed breakthrough bears strengthened their positions and continued the trade towards the downward channel.
The price is finding the first support at 115.80. The price is finding the first resistance at 118.00, the next one is at 119.20.
There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows a downward movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is consolidating.
The potential decrease target is the support level of 115.80.