USD/JPY (a 4-hour chart)
The Bank of Japan negative forecasts for the fiscal year of 2015 call into question the further Japanese yen growth. Today in the absence of Japan and the US important macroeconomic statistics publication traders will focus their attention on the global stock market dynamics.
After the prices rebound downwards below the support level of 118.00 there was a new downward channel formed. The trade volumes are in the decrease zone. Now the pair is trading above the level of 118.00.
The price is finding the first support at 118.00, the next one is at 117.00. The price is finding the first resistance at 119.20, the next one is at 120.40.
There is a non-confirmed and a weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement. The upward movement will be until the price is under the Cloud.
The MACD indicator is in a neutral territory. The price is growing.
The upward correction potential target is 119.20. If the price falls it will get to 117.00, 115.80.