USD/JPY (a 4-hour chart)
The Bank of Japan announced its meeting results regarding the monetary policy and, in this regard. Bank of Japan noted the positive trend in foreign trade, as well as the households expenditure. However, there is a negative trend in the manufacturing sector.
Four daily US dollar growth against the Japanese yen faced the resistance at 123.50. The pair broke this level on the yesterday’s trades.
The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is growing.
The pair is going upwards. The bulls’ target is the level 124.30.