USD/JPY (a 4-hour chart)
We should expect the lateral trend development throughout the day amid the absence of important macroeconomic statistics publication and the weekend in the United States. The OPEC summit results certainly will have an impact on the balance of power in the Forex foreign exchange market, but we should expect the lowest volatility within the pair dollar/yen.
The US dollar continued to correct downwards relatively to the Japanese yen. The price corrective decline volumes are in the reduced zone, indicating the sellers’ reducing power.
The price is finding the first support at 117.00, the next one is at 115.80. The price is finding the first resistance at 118.00, the next one is at 119.20.
The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”.
The MACD indicator is in a neutral territory. The price is consolidating.
If the price fixates below the support 117.00, it may continue the downward trend in the short term. The potential targets are 115.80 and 114.60.