USD/JPY (a 4-hour chart)
In the absence of the US and Japan important macroeconomic statistics traders may focus their attention to the bond market dynamics. The FOMC "dovish" rhetoric opens the way for the US stock market to the new highs that will strengthen demand for the risky assets and therefore the "safe- haven" yen will be unattractive for traders.
Sellers tried to break through the strong support level of 120.40. But the pair could not fixate below and rebounded upwards. The growth was short term and the pair fell again and broke through the support level of 120.40.
The price is finding the first support at 119.20, the next one is at 118.00. The price is finding the first resistance at 120.40, the next one is at 121.60.
There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is falling.
The potential growth target is the resistance level of 121.60.