USD/JPY (a 4-hour chart)
The pair dollar/yen traded under the pairs’ selling pressure with the yen amid the risk appetite weakening. On Tuesday more than expected the secondary housing market sales decline affected the pair. Trades were cautious in anticipation of the Janet Yellen speech in front of the Senate Committee on the banking activities.
The trade within the Japanese yen is within the side corridor near 118.40 - 119.50. However, bulls still dominate due to the fact that the medium-term uptrend is still preserved within this market.
The price is finding the first support at 118.00, the next one is at 117.00. The price is finding the first resistance at 119.20, the next one is at 120.40.
The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”.
The MACD indicator is in a neutral territory. The price is falling.
The buyers need to break above 119.20 for a steady growth.