USD/JPY (a 4-hour chart)
The dollar rose at the end of the trades. We shall pay our attention to the stock market dynamics. The risky assets demand continues to decline, contributing to the bearish trend development. In the light of this, the Japanese yen will feel like "fish in water."
There was the strong support level of 119.20 breakthrough. The bears strengthened their positions amid this breakthrough. Nevertheless, the pair increased above this level.
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 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 downward 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.
The potential growth target is the resistance level of 120.40.