USD/JPY (a 4-hour chart)
Japan will not please traders with any interesting macroeconomic releases. According to the US labor market report, there was an average hourly wage in December that does not allow to count on the CPI release and the consumer confidence from the Michigan University better than forecasted medians.
Currently, we see the trades in the corridor 118.00-115.80. The pair tried to test the level of 115.80 but rebounded upwards and broke through the resistance around 117.00.
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 and the Kijun-sen show a downward 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 pair can fall to the support level of 117.00. After breaking 117.00 the sellers may go to 115.80.