USD/JPY (a 4-hour chart)
The pair USD/JPY continues to trade in the narrow range and closed the week in the dollar favor, but the pair is very close to the opening price. Obviously, the investors refrain from taking actions as they are awaiting the Japan Prime Minister Abe decision concerning the early elections and issues relating to another sales tax increase.
The continued price consolidation at the support level of 115.80 was followed by the upward rebound. Buyers were able to update the current week maximum amid the reduced volumes.
The price is finding the first support at 115.80, the next one is at 114.60. The price is finding the resistance at 117.00.
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 shows a horizontal movement and the Kijun-sen shows an upward 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 trend is upside. We expect the level of 117.00 testing soon.