USD/JPY (a 4-hour chart)
As now we should not expect from the US Federal Reserve comments about the monetary policy tightening - the dollar will be under pressure against its major competitors. It should also be noted that the Federal Reserve gold foreign exchange reserves in the first quarter have significantly declined that indicates the payments negative balance strong increase and the main negative factor is the strong dollar.
The formed strong consolidation is near the resistance level of 119.20.
The price is finding the first support at 118.30, the next one is at 117.50. 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 a horizontal movement and the Kijun-sen shows a downward movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is decreasing.
We suppose the pair will go to 118.30 first. Having overcome the first target the price might go downwards to 117.50.