USD/JPY (a 4-hour chart)
The Japanese yen fell against the dollar when it became known that the inflation growth in Japan slowed down in January. The slow inflation points to the obvious regulator's problems as it could not return the inflation to the target level of 2%. Also the positive USA GBP report (1,0% against the forecasted 0,4%) became the growth driver.
The first support resides at 112.20, the next is at 111.40. The first resistance stands at 113.00, the next one is at 113.80.
There is a confirmed and a strong buy signal. The price is above the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement forming a “Golden Cross”. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a positive territory. The price is growing.
The buyers need to break above 114.60 for a steady growth. The way to the mark 115.40 will be opened after this breakthrough.