The Bank of Japan decision to cut the rate expanded the United States and Japanese government bond yield differential which increases demand for US assets supporting the dollar. The "risky assets" demand pressures the Japanese yen as a carry trade funding currency. Only by the end of the trades this pressure weakened.
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 shows an upward movement and the Kijun-sen shows 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 correcting.
The price is likely to form a consolidation under the resistance level of 121.30