USD/JPY (a 4-hour chart)
The Japanese currency continued to grow against the US dollar. There was that upward trend in the stock market. – The "protective" communal sector was the decline leader that indicates the risk appetite increase among investors and put pressure on the yen as a funding currency. As a result the dollar became a leader.
The USD/JPY downward correction stopped at the support level of 122.40. Sellers lowered the price to this level. The price reached the level amid the low volumes that signaled about the downward correction easing. There was price upwards rebound.
The price is finding the first support at 122.40, the next one is 121.30. The price is finding the first resistance at 123.20, the next one is at 123.80.
There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is correcting.
After the support level of 122.40 breakthrough down the way to the support 121.30 will be opened.