USD/JPY (a 4-hour chart)
The pair USD/JPY is in an uptrend since November 2012. The yen weakness reflects the expectations of the Bank of Japan actions that are necessary in order to generate inflation in the country.
The price is being traded below the Kijun-Sen and Tenkan-Sen, Kijun-Sen line is pointing down, the cloud has a neutral form.
Bollinger Bands formed a side downtrend channel.
MACD began to go down.
Last week falling came upon the support level 100.46 which stopped the price. Bank of Japan plans to double the money supply in the next two years in order to achieve the inflation target thus it will limit the growth of the yen.
The pair may move in the price channel 102.50 and 100.65, the limits of the channel are Bollinger Bands lines. Should the pair grow our target is 102.10.
Should the pair fall it will go to 100 level which should stop the price.