USD/JPY (a 4-hour chart)
In general, the pair USD / JPY continues its correction from the three month maximum, achieved in the middle of the week. The Friday data was published that fixed some Japan production recovery.
Throughout the week the US dollar is trading under the level of 123.20. The correctional price reduction is at the low volumes - sellers are gradually losing their strength.
The price is finding the first support at 122.40, the next one is 121.30. The price is finding the first resistance at 123.20, the next one is at 123.80.
There is a confirmed and a weak 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 and form a “Dead Cross”. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a neutral territory. The price is consolidating.
The approach to the level of 122.40 may lead to a price rebound upwards. The potential rebound targets are the resistance levels of 123.20 and 123.80.