USD/JPY (a 4-hour chart)
The pair USD/JPY is consolidating its achievements in anticipation of the Fed representatives’ speeches. However, the current statistics do not support the dollar. Now traders expect the Federal Reserve Janet Yellen evening speech, hoping to hear hints about the interest rates increase. Traders hope the rate hike will be this year.
The price is finding the first support at 119.20, the next one is 118.40. The resistance is at 120.40, the next one is at 121.60.
There is a weak buy signal, the pair is above the Cloud. The Tenkan-sen is crossing the Kijun-sen upwards. Two lines give a “Golden Cross” signal. If the USD/JPY remains above the Cloud the growth will be continued.
The MACD indicator is in a positive territory now. The histogram is growing.
If the pair stays above the Cloud it has all chances to go to the level of 120.40. If it falls it will decrease to 119.20.