In general the pair USD/JPY has a positive mood. The US currency was supported by the Fed statement which confirmed the expectations validity about the Fed interest rates growth at the December meeting.
Meanwhile, the pair USD/JPY was stable during the day, still the dollar could not resist, so that quotations played out growth, having decreased to the below the level of 123.20. The pair started a consolidation here.
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 a downward movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is consolidating.
The buyers need to break above 123.20 for a steady growth. The way to the mark 123.80 will be opened after this breakthrough.