USD/JPY (a 4-hour chart)
The Japanese yen has not yet exhausted potential for its growth and today bears again will attack bulls. The US CPI release for November can demonstrate the inflationary pressure decrease that will lead to the Japan and the US negative yield spreads reduction.
There was the resistance level of 117.00 breakthrough upwards. The level breakthrough was on the increased volumes.
The price is finding the first support at 117.00, the next one is at 115.80. The price is finding the first resistance at 118.00, the next one is at 119.20.
There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is correcting.
The level of 117.00 retest is more likely to lead to a decrease to the strong price support levels 115.80 and 114.60.