USD/JPY (a 4-hour chart)
Japan has published the March machinery and equipment orders report: the base value amounted to + 2.9% for the month and + 2.6% for the year. The commodity market positive dynamics will put pressure on the US dollar.
The pair tested the level of 119.20 and rebounded upwards.
The price is finding the first support at 119.20, the next one is at 118.30. The price is finding the first resistance at 120.40, the next one is at 121.60.
There is a non-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 and form a “Dead Cross”. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a neutral territory. The price is growing.
The approach to the level of 120.40 may lead to a price rebound down. The potential rebound targets are the support levels of 119.20, 118.30.