USD/JPY (a 4-hour chart)
Many investors are already beginning to celebrate the New Year. Moreover, traditional holidays volatility is falling and we do not expect any important statistics till the end of the week.
The first support resides at 120.40, the next is at 119.20. The first resistance stands at 121.30, the next one is at 122.40.
The indicator shows a strong sell signal. The price is under the Cloud and we expect its further decline. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement. The downward movement will be until the price is below the Cloud.
The MACD indicator is in a negative territory. The price is consolidating.
We believe the consolidation will be continued now at the level of 120.40.