USD/JPY (a 4-hour chart)
Japan published Trade Balance for April (823.5 B vs. expectations 492.8B). Japan has been showing a positive trade balance for the third month in a row. The 10-year government bonds (the United States and Japan) expanded close to the mark of 200 bp, which increased the attractiveness of the US assets.
The price is finding the first support at 109.00, the next one is at 108.20. The price is finding the first resistance at 109.80, the next one is at 110.60.
There is a confirmed and a strong buy signal. The price is above the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is correcting.
The buyers need to break above 109.80 for a steady growth. The way to the mark 110.60 will be opened after this breakthrough.