USD/JPY (a 4-hour chart)
The yen stopped to grow on Thursday. Earlier it increased as corporate services price index rose. Corporate Service Price index rose by 0,2% year on year, as expected. The USA published Durable Goods Orders (0,4% vs. expectations 0,3%) and Initial Jobless Claims (268K vs. forecast 275K).
The price is finding the first support at 109.00, the next one is at 108.20. The price is finding the first resistance at 109.80, the next one is at 110.60.
The price is in the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement forming a “Golden Cross”.
The MACD indicator is in a neutral territory. The price is correcting.
We believe the decrease will be continued now. The first target is the level 109.00, the next one is 108.20.