USD/JPY (a 4-hour chart)
Yesterday all Japan banks were closed for a public holiday and in this regard there was a sluggish trade. Given the fact that on Friday the world leading stock markets were closed in the negative area - there was a slight correction within the pair dollar/yen amid the profit taking on the carry trade transactions.
Having reaching the resistance level of 124.30, the price has formed a short-term consolidation. There is the volumes divergence amid the downward correction formation.
The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows 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 consolidating.
The buyers need to break above 125.50 for a steady growth. The way to the mark 127.00 will be opened after this breakthrough.