USD/JPY (a 4-hour chart)
Japan has published the May retail sales and industrial production releases. The increase in household spending amid rising employment and wages allows us to hope that we will get to a positive retail sector sales report.
The price is finding the first support at 122.40, the next one is at 121.60. The price is finding the first resistance at 123.50, the next one is at 124.40.
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 and the Kijun-sen show a horizontal movement and form a “Dead Cross”. 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 downward movement will be continued. The pair may go to 122.40 soon. The way to the mark of 121.60 will be opened after this breakthrough.