USD/JPY (a 4-hour chart)
The Japanese 3rd quarter GDP in the 2nd preliminary estimate was revised to -0.2% against -0.1%. The US important economic indices were published - the consumer price index and the industrial production volume. These data put pressure on the yen. However the dollar’s strengthening on the market allowed the pair to grow.
The pair is trying to consolidate above the level of 123.20. After this mark successful breakthrough bears took over the initiative and sent the instrument downwards, trying to test the level from the top.
The price is finding the first support at 123.20, the next one is 122.40. The price is finding the first resistance at 123.80, the next one is at 124.30.
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 horizontal 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.
We suppose the pair will go to 123.80 first. Having overcome the first target the price might go upwards to 124.30.