We think that we will hear from the Bank of Japan head similar to the ECB comments on January 29th when the regulator meeting to be held. Meanwhile the Japan CPI growth is 0.19%.
The first support resides at 118.40, the next is at 117.80. The first resistance stands at 119.20, the next one is at 120.40.
There is a confirmed and a strong buy signal. The price is above the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen shows and the Kijun-sen show an upward movement forming a “Golden Cross”. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a negative territory. The price is growing.
The pair can grow to the resistance level of 119.20. After breaking 119.20 the buyers may go to 120.40.