Despite the US labor market negative data the Japanese yen was unable to consolidate below the 119 figure - the pair has strong buyers who push the quotations upwards. However, the weak employment figures led to the Treasury short term bond yields significant increase which signals that the Fed will not raise rates until the end of the year.
The price is finding the first support at 120.40, the next one is 119.20. The price is finding the first resistance at 121.60, the next one is at 122.40.
There is a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows a downward one. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is growing.
The direction has been changed. The pair returned to a growth. Our first target is 121.60.