The US positive macroeconomic statistics will encourage bulls to long. Investors have again "risk appetite" that is a negative factor for the Japanese yen.
The upward trend near the resistance level of 121.60 was stopped. The formed consolidation below the level will lead to the downward correction in the short term.
The price is finding the first support at 120.40, the next one is at 119.20. The price is finding the first resistance at 121.60, the next one is at 122.40.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is growing.
The potential decrease target is the support level of 120.40.