Now the credit markets dynamics is on the "bulls’ side": the US and Japan government bond yields are declining which increases the investments’ attractiveness into the US assets. Demand for the risky assets is increasing. The high-yield currency cross rates were in demand among investors which indicates the carry trade operations increase and will put pressure on the Japanese yen as a funding currency.
The price is still correcting.
The price continues corrective movement trading in the corridor between the levels of 120.40 and 119.20 against the background of weak southern movement.
The price is finding the first support at 119.20, the next one is 118.40. The price is finding the first resistance at 120.40, the next one is at 121.60.
There is a weak sell signal. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement.
The MACD indicator is in a negative territory. The MACD is decreasing.
If the pair keeps growing the level of 121.60 will be the first target. Shall the USD/JPY decrease it will go to 119.20.