USD/JPY (a 4-hour chart)
By the end of the trades the pair dollar/yen increased. It should be noted that the demand for the safe-heaven yen jumped to near 18-month high against the dollar, as oil prices collapsed when the largest oil producers failed to reach an agreement. The yen generally strengthened since the beginning of the year, as investors' concerns about the policy of negative interest rates in Japan and Europe led to an increase in demand for safe assets.
The price is finding the first support at 108.20, the next one is at 107.40. The price is finding the first resistance at 109.00, the next one is at 109.80.
The price is in the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement forming a “Dead Cross”.
The MACD indicator is in a negative territory. The price is correcting.
The upward movement potential target is 109.00. If the price falls it will get to 108.20.