USD/JPY (a 4-hour chart)
The S&P 500 index tested the minimum levels of 2015 in the past week after which we saw a strong demand and the price growth. The increased demand for "risky assets" has traditionally been a negative factor for the Japanese yen as the funding currency. The rapid oil quotations growth brought the US stock energy sector in leaders.
The first support resides at 118.40, the next is at 117.80. The first resistance lies at 119.20, the next one is at 120.40.
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 and the Kijun-sen show an upward movement forming a “Golden Cross”. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a negative territory. The price is growing.
The pair can grow to the resistance level of 119.20. Should this mark be reached successfully, a further extension towards 120.40 is possible.