The pair dollar/yen slightly increased. Earlier the Bank of Japan statements pressured somehow the pair. The regulator hops to achieve the inflation target in the second half of 2016, and also pointed to the lack of need for further monetary policy easing. The dollar weakening impacted the pair as well. Moreover, the active Japanese yen buying was due to the flight from risky assets.
The first support resides at 117.00, the next is at 116.20. The first resistance stands at 117.80, the next one is at 118.40.
The indicator shows a strong sell signal. The price is under the Cloud and in under the Chincou-span. The Tenkan-sen shows a downward movement and the Kijun-sen shows 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 correcting.
The pair can consolidate between the support level of 117.00 and the resistance level of 117.80.