USD/JPY (a 4-hour chart)
In the absence of the important macroeconomic statistics the traders will focus their attention on the bond and stock markets dynamics. The Japan and the US negative bond yields show to the bullish sentiment predominance within the dollar. Bulls are returning to the US market share, opening long positions at the attractive levels. Yesterday the Nasdaq index was the growth leader in the US which is a positive factor for the stock market because it indicates the strong demand for the risky assets.
The price is finding the first support at 118.00, the next one is at 117.00. The price is finding the first resistance at 119.20, the next one is at 120.40.
There is a confirmed and a weak sell signal. The price is on the Cloud and it is under the Chinkou Span. The Tenkan-sen the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a neutral territory. The price is growing.
The potential growth targets are the resistance levels: 120.40, 121.60.