USD/JPY (a 4-hour chart)
The trading has been held for seven days amid the weak volatile consolidation in anticipation of the strong news – the Fed economic forecasts, the Federal Open Market Committee FOMC statement, the Fed Chairman Yellen speech which came out yesterday. Yellen did not say anything concrete about the rates changes. Yellen’s vague statements did not support the dollar at all.
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.
The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement and form a “Dead Cross”.
The MACD indicator is in a neutral territory. The price is falling.
The potential decrease targets are the support levels: 120.40, 119.20.