USD/JPY (a 4-hour chart)
Traders shall focus their attention on the stock market dynamics amid the Japan and the US important macroeconomic statistics. The Fed “patience” lowered the two-year Treasury bond yields below 0.5% and now we can expect the upward trend development.
Traders have been testing the strong resistance level of 118.00 for five consecutive days. The short-term breaks are followed by the constant price rebounds downwards.
The price is finding the first support at 118.00, the next one is at 117.00. The price is finding the first resistance at 119.20, the next one is at 120.40.
There is a non-confirmed and a weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a neutral territory. The price is increasing.
After the trend line 118.00 breakthrough down the way to the supports 117.00, 115.80 will be opened.