USD/JPY (a 4-hour chart)
The pair dollar/yen has declined. In addition to general market sentiment, formed under the influence of the Fed protocols content, sales within this pair were caused by disappointment that the Bank of Japan decided to keep its monetary policy unchanged when a certain part of the market still hoped to hear about the leniency programs capacity.
The pair continued its decline to the mark of 122.40 but it was stopped. The pair formed a consolidation.
The price is finding the first support at 122.40, the next one is 121.30. The price is finding the first resistance at 123.20, the next one is at 123.80.
There is a confirmed and a weak buy signal. The price is on 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 upward movement will be until the price is above the Cloud.
The MACD indicator is in a negative territory. The price is consolidating.
We suppose the pair will go to 122.40 first. Having overcome the first target the price might go downwards to 121.30.