USD/JPY (a 4-hour chart)
The Japan consumer price inflation has been slowing for eight month in a row; it raises expectations that the Bank of Japan will take additional monetary policy easing measures to achieve the inflation target. The consumer price index rose in February compared to the last year level of 2.0% which is below the forecasted medians of 2.1% and is lower the growth by 2.2% in January.
The price is finding the support at 118.00. The price is finding the first resistance at 119.20, the next one is at 120.40.
There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is consolidating.
The price is likely to go to the support level of 118.00.