USD/JPY (a 4-hour chart)
The rumors about the sale from Asian Public Accounts bit scared some traders, but buyers are clearly prevailed and lifted the pair to 104.69. Bank of Japan finished its 2-day meeting today, the results will be announced tomorrow.
Industrial production in November decreased by 0.1 percent compared to an increase of 1 percent in October. In annual terms, the increase was 4.8 percent compared to 5.4 percent for the same period of the previous year.
There is a confirmed and weak sell signal. Chinkou Span is above the price, the price is above the Ichimoku cloud. The southern movement remains until the price is below the Kijun-sen. Kijun-sen is crossing Tenkan-sen upwards.
Bollinger Bands indicator shows that a downward movement as its bands are expanded and directed downwards. MACD is decreasing, showing a sell signal.
Trading volumes indicate growth weakening. In addition, the downward trend line resistance 104.70 is strong enough, from which we expect the rebound down. The potential rebound target is a strong support level 103.90.