USD/JPY (a 4-hour chart)
The Japanese yen continues to retreat - the market is clearly sympathetic to the U.S. dollar, especially On Thursday, November 21 a meeting of the Bank of Japan will take place. Bidders for the pair do not expect change in monetary policy, and so we expect the weak response of the market. Positive mindset of the stock market can encourage buyers to test the mark 101.50. However, if the market gets weak data from the United States on Wednesday so the growth of the Japanese currency may be expected. On the pair dollar / yen the following levels may be mentioned.
There is a strong and confirmed buy signal, as the chart is consolidated below Chinkou span, and the Ichimoku cloud is below the price. Tenkan-sen and Kijun-sen are directed upwards. Chinkou Span is below the price, the cloud is growing. Tenkan-Sen and Kijun-sen are horizontal
Bollinger Bands indicates the change of the trend. The bands are widening and are going upwards.
The MACD is in a positive area right now. The histogram is decreasing.
The growth of the U.S. dollar versus the Japanese yen was not supported by volumes. However, the downward correction to the trend line took place at the even smaller volumes. Consequently, the probability of bounce up is very high. The resistance level 100.40 should be considered as the potential target to rebound.