USD/JPY (a 4-hour chart)
The Japanese yen fell against the dollar. The economic data showed a sharp drop in GDP in the second quarter, still the risk appetite growth on the stock markets in Japan and the United pressured the Japanese currency more. When the weak retail sales in the United States yen rose sharply, but could not keep the trend and very soon came back under pressure.
Negative GDP Japanese yen directly affected the dollar strengthening. Due to the growth of the dollar buyers were able to get out of the descending channel, breaking up the upper bound of 102.30.
The price is finding the first support at 102.23, the next one is at 101.60. The price is finding the first resistance at 102.60, the next one is at 102.60.
There is a confirmed and weak sell signal. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen are neutral. The downward movement will be until the price is below the Cloud.
The MACD indicator is in a negative territory.
We expect a rebound down. The potential target rebound is a strong support level of 101.60. If the pair continues growing it will reach the marks 102.70, 103.00 in a short term.