USD/JPY (a 4-hour chart)
The yen continued its decrease against the dollar in yesterday's trading on the Japan stock market growing optimism background. However, the dollar rally wasn’t so rosy as before - the Treasuries yields sharp decline and weak U.S. economic data provoked dollar/yen sale which led to the unconvincing dollar strengthening on a daily basis.
As for the future, the pair buying is likely to be continued, although we cannot exclude temporary shutdown due to the technical factors influence presented by strong resistance levels. The Fed and the Japan Bank policy direction difference remains a defining moment in this tool life.
The first support is 101.60, the next one is 101.00. The first resistance is 102.23, the next is one 103.00.
The price is in the Cloud and it is above the Chinkou Span.
The uptrend movement will be until the price is above the Kijun-Sen.
The MACD indicator is in neutral territory.
The resistance level 102.00 break is followed by a pullback. The rollback support level 102.00 already appears as the pullback target. The price approached the strong level on low volumes. This suggests that long consolidation formation is likely to happen near that level.