The yen fell amid the US strong employment report. The Bank of Japan governor Kuroda said that the Japanese economy state fundamentals remain solid. At the same time the Prime Minister Abe said that the yen excessive strength had been corrected. Nevertheless the dollar weakened and the pair fell by the end of the trades on Monday.
Buyers broke through the key resistance level of 122.40. The level of 122.40 breakthrough allowed the pair to consolidate above the resistance of 123.20. However then the pair fell below this level.
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 buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is correcting.
We may expect the growth to 123.20 further on we expect a fall towards 122.40 and 121.30.