It is impossible to ignore the debt market dynamics: the US and Japanese government bonds differential profitability has been decreasing for four consecutive trading days. This tendency increases the Japanese yen as an investment asset supporting the demand for the yen.
The first support resides at 116.20, the next is at 115.40. The first resistance stands at 117.00, the next one is at 117.80.
The indicator shows a strong sell signal. The price is under the Cloud and in under the Chincou-span. The Tenkan-sen and the Kijun-sen show a horizontal movement forming a “Dead 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 suppose the pair will go to 116.20 first. Having overcome the first target the price might go downwards to 115.40.