USD/JPY (a 4-hour chart)
The JPY market short positions are still at the low level despite the fact that the expectations concerning the Bank of Japan monetary policy easing increased compared with the previous month.
Technical indicators are neutral and point to the side dynamics continuation. The pair is between two levels: 119.20 and 120.40.
The price is finding the first support at 119.20, the next one is 118.40a. The resistance is at 120.40, the next one is at 121.60.
There is a weak buy signal as the price has just left the Cloud. The Tenkan-sen is crossing the Kijun-sen upwards. Two lines give a “Golden Cross” signal. If the USD/JPY remains above the Cloud the growth will be continued.
The MACD indicator is in a positive territory now. The histogram is growing.
If the pair stays above the Cloud it has all chances to go to the level of 120.40. If it falls it will decrease to 119.20.