USD/JPY (a 4-hour chart)
The Japanese yen is trading in the range with the 40 points amplitude. The Japanese long-term bond yields became balanced on the average three- to five-day levels, the medium-term bond yields continued to decline; the two-year bond yields have declined from the medium level of 0.045% to the level of 0.035% while the six-month bond yields have fallen from the last week medium level of 0.02% to the level of 0.005%.
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.
The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”.
The MACD indicator is in a neutral territory. The price is growing.
We believe the decrease will be continued now. The first target is the level 118.00.