USD/JPY (a 4-hour chart)
The pair USD/JPY has markedly strengthened. The US dollar dynamics played an important role in the other drivers absence for the yen.
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.
The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement and form a “Golden Cross”.
The MACD indicator is in a neutral territory. The price is correcting.
We expect the 122.40 line break that will open the way for the buyers to 123.20.