USD/JPY (a 4-hour chart)
Industry is an important part of the economy of the country, so the market tracks the performance of this indicator very closely. Industrial production growth often causes weakening of the yen.
Analysts polled by Bloomberg, expect the growth rate of industrial production. However, the strong growth of the pair should not be expected. First, at around 98.45 there is a strong resistance level, and secondly, yesterday's press conference by the U.S. Federal Reserve may submit quotations of dollar/yen to the level of 97.00.
We can see that Tenkan-sen and Kijun-sen are directed upwards having broken the cloud up. Chinkou Span is below the price, the cloud is growing.
The upward movement will remain if the price stays above 98.36.
Bollinger Bands indicates the change of the trend being directed. The bands are widening.
The MACD is in a negative area right now.
Breakthrough of the 97.70 downward trend line was also accompanied by the breakdown of the resistance at 98.00. If this level can sustain the current correction there will be a rebound to levels of 98.50 and 99.00.