USD/JPY (a 4-hour chart)
We noted the corrective movement continuation in the Tokyo stock market. Investors continue to take profits on the long positions that cause demand for the Japanese yen. The US durable goods orders positive data did not provide any support to the US dollar. Bulls are inclined to update the historic high within the index S & P500 on the US stock market which will contribute to the carry trade transactions development through the Japanese yen.
The price is finding the first support at 118.30, the next one is at 117.50. The price is finding the first resistance at 119.20, the next one is at 120.40.
There is a non-confirmed and a weak sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows an upward movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a neutral territory. The price is decreasing.
After the support level of 118.30 breakthrough down the way to the support 117.50 will be opened.