USD/JPY (a 4-hour chart)
USD/JPY lost 0.85%. The dollar fell against the yen amid growing expectations that the Fed will continue to stimulate the U.S. economy, and on expectations that China's central bank will begin tightening policy in the near future.
The pair is likely to find support at 97.30, the low of October 7 and resistance at 98.48, Tuesday's high.
We can see that Tenkan-sen and Kijun-sen are directed downwards. Chinkou Span is below the price, the cloud is going down now. Tenkan-Sen is directed downwards, Kijun-sen is horizontal.
The upward movement will remain if the price stays above 98.36.
Bollinger Bands indicates the change of the trend being directed down.
The MACD is in a negative area right now.
The bounce up to the nearest resistance level 97.50 from the sloping support line 97.15 is expected. If the price breaks through this level, the way to 97.90 sloping trend lines, which acts as the upper bound of the descending corridor, will be opened for purchasers.