USD/JPY (a 4-hour chart)
Yesterday the US positive macroeconomic statistics was published. The statistics caused the two year Treasury bond securities growth which reflects the Fed rate expectations. The bond securities growth ahead of the monetary control meeting is a positive factor for the US currency. The profitability increased to the level of 0.8%, having set the fresh four-year high.
The price is correcting against the weak downward movement. The pair grew and the resistance level of 120.40 was broken through.
The price is finding the first support at 120.40, the next one is 119.20. The price is finding the first resistance at 121.60, the next one is 122.40.
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 shows an upward movement and the Kijun-sen shows a downward 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 growing.
The buyers need to break above 121.60 for a steady growth. The way to the mark 122.40 will be opened after this breakthrough.