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.
Rebuttal continuation of the pattern "bearish pennant" on the 60-minute chart is putting pressure on the resistance 99.75. The balance of risks tilted to the pair’s break above this level is still holding of Monday's Asian session minimum 98.88. It will pave the way for lower intraday highs 100.39 and 100.64, reached last week. The minimum of 98.20 last week will be in the spotlight only by a break below minimum of 98.88.