USD/JPY (a 4-hour chart)
The pair has been growing for a long time and therefore now there are many people wishing to close the part of the "longs". The US stock market is showing strength after the minor technical correction, the Nasdaq index is again the leading growth that signals about the positive trend continuation on the stock market.
The US dollar strong growth against the Japanese yen was stopped at the level of 118.60. From this level there was formed the short-term correction to the level of 118.00 where a consolidation is observed.
The price is finding the first support at 117.00, the next one is at 115.80. The price is finding the first resistance at 118.00, the next one is at 119.00.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is consolidating.
The approach to the level of 117.00 may lead to the price rebound upwards. The potential rebound target is the resistance level of 119.20.