USD/JPY (a 4-hour chart)
The Japanese yen also was among the dollar’s "victims". The USD/JPY quotations rose up on the United States economic data, and then their growth was sustained by the States stock market optimism. The economic data from Japan have shown large trade deficit in July, but noted an increase in exports which may be some encouraging factor.
The strong resistance level of 102.90 upward break only strengthens the buyer's intention to continue to trade upwards. However, it is worth noting the fact that such a strong growth was not supported by the trading volumes.
The price is finding the first support at 103.30, the next one is at 102.90. The price is finding the first resistance at 103.70, the next one is at 104.00.
There is a confirmed and a strong sell 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.
We believe the growth will be continued now. The target is the level of 104.00.