USD/JPY (a 4-hour chart)
The pair dynamics was due to the dollar growth, the Japanese data did not affect the quotations mood. The trade deficit amounted to 379.7 billion yuan against the expected -446.2 billion. The exports index declined by 3.3% y / y vs. -1.5% and -2.2% previously. Imports fell by 10.2% from the October value of -13.4% while slowdown was expected to -8.3%.
The first support resides at 121.30, the next one is 120.40. The first resistance stands at 122.40, the next one is at 123.20.
There is a non-confirmed and a weak sell signal. The price is under the Cloud and it is above 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 neutral territory. The price is correcting.
We advise to consider long positions with the first target – 122.40. After fixing above the first target, the level 123.20 will become the next one.