USD/JPY (a 4-hour chart)
After a long weekend Japanese banks began their work and in this regard, there was a slight volatility surge. It should be noted that the upward trend was stopped. On Monday there were significant gold sales which positively affected the world leading stock exchanges. When the gold fell there was a demand for markets' assets as investors saw the "risk appetite" growth.
After the level of 124.30 short-term break through the pair rebounded downwards.
The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50.
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 shows a horizontal movement and the Kijun-sen shows 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 correcting.
We expect the 124.30 line break that will open the way for the buyers to 125.50.