USD/JPY (a 4-hour chart)
The pair USD/JPY increased at the end of the yesterday’s trades. Earlier the pair dollar / yen was under pressure from the market negative attitude towards the dollar (ICE Dollar Index reached 94.19 against 94.47 in the Wednesday morning ) as the Federal Reserve System chairman (FRS) Janet Yellen expressed quite careful position towards the interest rates. The Japanese exporters’ sales also put pressure on the pair. The pair potential reduction is limited by the Japanese importers demand and the Bank of Japan extremely soft policy.
The yen has been very sluggish and lowly volatile for the seven trading days. The last four days the trade has acquired a flat character around the uptrend line of 119.20.
The price is finding the first support at 119.20, the next one is at 118.00. The price is finding the first resistance at 120.40, the next one is at 121.60.
There is a confirmed and a weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a neutral territory. The price is growing.
The potential growth targets are the resistance levels: 120.40, 121.60.