USD/JPY (a 4-hour chart)
The US dollar is consolidating against the yen. A serious divergence is formed that indicates the bullish trend weakness. Looking at the overall dollar correlation against many USD majors, we can observe the overall US dollar growth.
We also note that on the most currency instruments the significant levels have already broken through. The pair USD/JPY is consolidating at the level of 120.40.
The price is finding the first support at 120.40, the next one is at 119.20. The price is finding the first resistance at 121.60.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is consolidating.
We believe the growth will be continued now. The first target is the level 121.60.