USD/JPY (a 4-hour chart)
After the central bankers symposium, the dollar/yen has taken another upward jump, but has been stopped by the strong resistance levels, which resulted in a relatively small increase in the dollar against the yen on the Friday trading basis. This was the bulls’ week final point where the main driver was the Fed’s minutes publication, showing the growth in the policy tightening sentiments in the USA Central Bank leadership.
The resistance level of 102.60 has been an obstacle for buyers during six months, despite the fact that it has made its way up twice. The third level breakthrough, apparently, was the signal for the medium-term uptrend continuation.
The level of 102.65 breakthrough up comes amid low volumes, this allowed the bulls to raise the price to the historical resistance level of 103.90 - 104.00 formed from 2014.04.03.
The price is finding the first support at 103.70, the next one is at 103.30. The price is finding the first resistance at 104.00, the next one is at 104.35.
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 horizontal 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 correcting.
We believe the growth will be continued now. The first target is the level 104.00. Having overcome the first target the price might go upwards to 104.35.