USD/JPY (a 4-hour chart)
The Bank of Japan governor, Kuroda said that the probability of inflation increase to 2% in 2015 is very high. The salaries increase is important for the inflation growth to 2%. Kuroda noted that the oil prices decline was unexpected, the oil prices decrease influences the inflation in Japan that will be weakened by autumn.
More than a week the price has been consolidating below the resistance level of 121.60. This fact gives a good signal for the further bullish trend confirmation.
The price is finding the first support at 120.40, the next one is at 119.20. The price is finding the first resistance at 121.60, the next one is at 122.40.
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 and the Kijun-sen show a horizontal movement and form a “Golden Cross”. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is consolidating.
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.