Low energy prices help to reduce the Japanese inflation expectations. The weak retail sales indicate the personal consumption volume reduction which is a negative factor for the economy as a whole as well as for the inflation, in particular.
The Central Bank is under pressure from weak economic indicators and the Japanese Government has taken to some extent non-standard solution to low the rate to 0.1% and to maintain the redeemed assets volume at 80 trillion yen a year.
The first support resides at 120.40, the next is at 119.20. The first resistance stands at 121.30, the next one is at 122.20.
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 and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is increasing.
The buyers need to break above 121.30 for a steady growth. The way to the mark 122.20 will be opened after this breakthrough.