USD/JPY (a 4-hour chart)
The dollar/yen tests the mark 98 for the first time since the end of June, it can be said that the bears on the yen erroneous position, due to the tightening position of the U.S. central bank and mitigating the views of the central bank of Japan, they are counting on the pair.
It's all about the weakness of the macroeconomic data from the U.S. in the last couple of weeks.
Price managed to break the trend line Tenkan-Sen and Kijun-reach September, which is located near the line Senkou Span B, the cloud top.
The upward movement will be relevant as long as the price is above Kijun-sen. The price broke through the Cloud and it is being traded above it right now. The Cloud is neutral.
Chinkou Span is below the price, which confirms the current sell signal and indicates a bearish market sentiment of the pair.
Bollinger Bands follow the price down. The indicator shows a high volatility.
MACD is declining.
The pair went below the support 98.25-99.25, which shifts the risks of further development in the direction of the downtrend to 94.30, followed by 92.50 support area, and ultimately to the level 90.00.
Just the opposite break above 98.25-99.25 area, which is now likely to play the role of resistance, once again the focus back on the rise above 101.50 minor resistance to a maximum of 103.75. In the future, it will confirm the overcoming of medium-term growth more towards 110.00.