USD/JPY (a 4-hour chart)
The dollar fell against the yen on the last session. The fundamental lack of irritants and political plan left the pair influenced by the sentiment on the stock market and the U.S. government debt which increased activity yesterday.
The resistance level of 101.75 reached at the high volumes stopped the correctional price growth. Due to the short-term decline changes we see the consolidation formation. The price decrease comes as a result of the low volumes.
The price is finding the support 101.00. The price is finding the first resistance at 101.60, the next one is at 102.23.
There is a confirmed and strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement, and the Kijun-sen – a horizontal movement and form a “Dead cross”. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a neutral territory.
The price is likely to go to the downward trend line 100.80 - 101.00. We expect a bounce up to 101.30 soon.