USD/JPY (a 4-hour chart)
The yen decline was triggered by the improved sentiment in the Asian stock markets after trading in the "red" zone. According to the statistics, the Japanese industrial production is in line with expectations at the level of + 1.4% m/m and -1.4% y/y in October while the service sector business activity index increased by 0.9%, having recovered after recession by 0.4%.
The first support resides at 121.30, the next one is 120.40. The first resistance stands at 122.40, the next one is at 123.20.
There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a downward movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is correcting.
We suppose the pair will go to 122.40 first. Having overcome the first target the price might go upwards to 123.20.