USD/JPY (a 4-hour chart)
The yen is again in decline amid the speculations that the Japanese government will continue to take up the measures along with the reforms to the Japan pension fund, whose total assets are $1.2 trillion.
The increase volumes remain in the growth area. Consequently, the buyers remain dominant players in this trading instrument. Additionally, the trade is in the upward direction.
The price is finding the first support at 109.00, the next one is at 108.50. The price is finding the first resistance at 109.40, the next one is at 110.00.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement and form a “Golden cross”. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is correcting.
We advise to long with the first target – 110.00.