The yen strengthened a bit amid the quite favorable macroeconomic statistics. In December, the consumer confidence index rose to 42.7 against the expected 42.3. Meanwhile, the Eco Watchers Survey rose to 48.7 from 46.1. However, the yen failed to hold its positions in a fading of interest in risk-free assets against the background of the stock market recovery. Only by the end of the trades the yen returned the leadership.
The first support resides at 117.80, the next is at 117.00. The first resistance stands at 118.40, the next one is at 119.20.
The indicator shows a strong sell signal. The price is under the Cloud and in under the Chincou-span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement forming a “Golden Cross”. The downward movement will be until the price is below the Cloud.
The MACD indicator is in a negative territory. The price is decreasing.
We may expect the consolidating between the levels of 118.40 and 117.80.