USD/JPY (a 4-hour chart)
The Japanese yen rose against most of its major rivals lst Friday. It is being traded around 108.25 against the franc, 158.19 against the pound, 133.71 against the euro and 97.74 against the U.S. dollar.
The price bounced off the lower boundary of the Bollinger Bands indicator and fixed above the Tenkan -sen, near the upper limit of the Ichimoku cloud. Therefore, the first target is the 1st resistance level 98.00. The second one is the resistance level 98.20 ( Bollinger Bands midline ).
On the other hand, the downward movement may be continued to the Tenkan -Sen. Chinkou Span does not confirm a buy signal and indicates a bearish sentiment.
Bollinger indicator shows the neutral position, the bands are aligned to the horizon.
MACD is pointing down, saying the current corrective movement.
The price could fix below Chinkou-span, the pair is in the Ichimoku cloud, the buy signal is weak and confirmed.
The upward movement will remain if the price stays above 98.36e.
Bollinger Bands indicates the change of the trend.
The MACD is in a negative area right now.
To move up, the pair needs to break 98.00 and consolidate above it.
In case of breaking up the potential upside target will be two levels of the resistance located at 98.65 and 99.00.