USD/JPY (a 4-hour chart)
Japan has published a series of statistical reports for November: the preliminary industrial production data came in at -1.0% m/m vs. 1.4% m/m (the forecast was 0.6%); the retail sales volume came in at -1.0% y/y vs. 1.8% y/y (the forecast was 0.6%).
The first support resides at 119.20, the next is at 118.40. The first resistance stands at 120.40, the next one is at 121.30.
The indicator shows a strong sell signal. The price is under the Cloud and we expect its further decline. The Tenkan-sen and the Kijun-sen show a downward movement. The downward movement will be until the price is below the Cloud.
The MACD indicator is in a negative territory. The price is decreasing.
We suppose the decrease will be continued now. The targets are the levels 119.20 and 118.40. We do not exclude the growth to 120.40 and 121.30.