USD/JPY (a 4-hour chart)
In the absence of the US and Japan important macroeconomic statistics traders shall focus their attention on the other factors. China will publish the fourth quarter GDP release. The manufacturing and service sectors PMI indices point out to the economic growth slowdown in China. However, the net exports growth for the fourth quarter amid the US dollar revaluation makes it possible to output the data at the level of the forecasted medians.
The upward channel upper bound of 117.00 and the resistance level of 118.00 testing was at the low volumes.
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 non-confirmed and a weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is growing.
The potential growth target is the resistance level of 119.20.