USD/JPY (a 4-hour chart)
Japanese Finance Minister Taro Aso warned investors about the Japanese yen rapid growth, saying that the government may take necessary measures if necessary to limit the yen’s growth. A number of banks have raised their forecasts that we may see an intervention by the Japanese Bank soon. The JP Morgan expects the further monetary policy liberalization after the Bank of Japan meeting on March 14-15.
The first support resides at 113.00, the next is at 112.20. The first resistance stands at 113.80, the next one is at 114.60.
There is a confirmed and a strong sell signal. The price is under the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal 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 growth target is the resistance level 117.50. If the price goes to the support level of 111.40 and breaks it the next target will by 110.60.