USD/JPY (a 4-hour chart)
The current buy signal is confirmed but weak as Chinkou Span is below the price, and the price is below the Ichimoku cloud. The price corrected yesterday having stopped in the area 98.90. In the case of overcoming this level the downward movement will be continued to the support level 97.90.
The downward movement will be relevant as long as the price is below Kijun-sen.
Chinkou Span is below the price, which confirms the current sell signal and indicates a bearish market sentiment of the pair.
Bollinger Bands show a continuation of the upward movement, still its bands are turning down after the price.
MACD is directed down, confirming the current downtrend.
We expect that the dynamics of the intraday support at 98.27 to be able to withstand the pressure of the next auction, and we believe the correction to 96.94-61 more likely scenario, as the upward trend is weakening.
However, in case of breaking the top of the range at 99.43 our opinion on the trend will be revised.