USD/JPY (a 4-hour chart)
The Fed's decision to keep the monetary policy unchanged put pressure on the dollar. The Bank of Japan monetary policy last meeting minutes were published. We expected the demand for the world leading stock markets corporate bonds which is a negative factor for the Japanese yen as a funding currency.
The price started its strong corrective movement. After the support level of 119.20 testing the pair rebounded upwards.
The price is finding the first support at 119.20, the next one is 118.40. The price is finding the first resistance at 120.40, the next one is 121.60.
There is a non-confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and 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 negative territory. The price is correcting.
After the support level of 119.20 breakthrough down the way to the support 118.40 will be opened.