USD/JPY (a 4-hour chart)
The Japanese inflation data at the level of 0.2% came in worse than the consensus forecast year on year which had a downward pressure on the Japanese currency. The "investors’ risk appetite growth" is a threat to the yen as a funding currency.
The dollar bullish sentiment is dominating. Bulls did not have enough strength at the same time to break through the strong level of 123.20.
The price is finding the first support at 122.40, the next one is 121.30. The price is finding the first resistance at 123.20, the next one is at 123.80.
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 neutral territory. The price is correcting.
We suppose the pair will go to 122.40 first. Having overcome the first target the price might go downwards to 121.30.