USD/JPY (a 4-hour chart)
The next Japanese monetary regulator meeting shall not support the national currency. The recent key macroeconomic indicators do not indicate the negative trend breakthrough. Industrial production continues to show its weakness.
The bulls’ advantage over bears was lost by the price return into the downward channel. Moreover, sellers turned back the price beyond the support level of 118.00.
The price is finding the first support at 118.00, the next one is at 117.00. The price is finding the first resistance at 119.20, the next one is at 120.40.
The price is in 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.
The downward movement will be continued. The pair may go to 115.80 soon.