USD/JPY (a 4-hour chart)
The pair dollar/yen held yesterday in the mixed trade and ended the session with a slight increase.
The pair consolidates above 102.30, therefore the risks remain bullish and we expect an uptrend to test the maximum 105.40. The consolidation below the 102.23 could trigger another cut to the key support at the area 100.00-100.40. In this case only a break and consolidation below the 100.00 removes completely positive expectations, signaling the transition to a long-term correction.
There is a confirmed and strong sell signal. Chinkou Span is above the price, the price is below the Ichimoku cloud. Kijun-sen and Tenkan-sen are horizontal. The Cloud is neutral.
Bollinger Bands indicator shows a lateral movement as its bands are narrowing and directed aside. MACD does not give a clear signal.
The price is near the strong resistance level 102.23.
The trade towards the rising trend line is fraught with the resistance level 102.65 upwards. As a result the way to a downward trend line 103.30 will be opened.