USD/JPY (a 4-hour chart)
The Japan GDP positive data for the first quarter were not able to support the national currency. Those days when traders ignored the fundamental data - we dealt with the strong short-term trend.
There was a correction, now we may expect the partial profit taking on the long positions on the Tokyo Stock Exchange which may add some pressure. However, this decline should be used to long as the upward trend is quite strong.
The price is finding the first support at 120.40, the next one is at 119.20. The price is finding the first resistance at 121.60, the next one is at 122.40.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is consolidating.
The potential growth target is the resistance level of 121.60.