USD/JPY (a 4-hour chart)
Today Japan and the United States will not please traders with interesting macroeconomic releases and in this regard, all traders’ attention will be focused on the stock markets dynamics. The QE program launching by the European Central Bank supported demand for risky assets.
The upward correction is still preserved after rebound from the support near 115.80 with this instrument. Before reaching the downward channel upper bound of 119.20, the price stopped above 118.00, but could not fixate there and fell below.
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 119.20.
The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement.
The MACD indicator is in a neutral territory. The price is decreasing.
We may expect a growth towards 119.20 further on we expect the fall to 115.80.