USD/JPY (a 4-hour chart)
Japan has published the June retail trade release. The wage level is the most important indicator for determining the retail sector demand dynamics. It was expected the data within the forecasted medians, but the results exceeded forecasts by 0.9% instead of the projected 0.5% after the previous indicator by 3.0%. The market was waiting for the US Federal Reserve monetary policy meeting results. Changes in rhetoric were not expected. The lack of buyers’ support can lead to the strong price rebound from the support level of 123.50.
The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50.
The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement.
The MACD indicator is in a negative territory. The MACD is growing.
We expect the growth. The growth targets are 124.30 and 124.70.