USD/JPY (a 4-hour chart)
The Bank of Japan meeting results were the yen growth reason. The BoJ announced the easing monetary policy measures. In particular, the regulator stated that the rate would continue to increase the monetary base by 80 trillion yen in annual terms and decided to allocate 300 billion yen for the ETF purchase. The central bank extended the purchased bonds maturity from 10 to 12 years and decided to start it from the next year.
The first support resides at 121.30, the next one is 120.40. The first resistance stands at 122.40, the next one is at 123.20.
There is a non-confirmed and a weak sell signal. The price is under the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a neutral territory. The price is correcting.
If the price breaks the level of 121.30 up it will open the way to the resistance level of 122.40.