USD/JPY (a 4-hour chart)
There was observed the US and Japan negative bond yields expansion on the bond market which is also a positive factor for the US dollar. The US 10-year Treasury bond yields are approaching the level of 2% which will support some demand for the US dollar.
The resistance level of 119.20 breakthrough was on the reduced volume. The pair decreased after a growth.
The price is finding the first support at 119.20, the next one is at 118.30. The price is finding the first resistance at 120.40, the next one is at 121.60.
The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement.
The MACD indicator is in a positive territory. The price is correcting.
We recommend going long with the first target – 119.20. When the price consolidates above the first target it may go to the level 120.40.