USD/JPY (a 4-hour chart)
The yen continued to decline and the pair rose above 103 for the first time since the 23th of May - when the head of Japan Bank - Kuroda said that the central bank would stick to mild policy until inflation reaches 2%, and additional measures would be taken if necessary. Former Deputy Minister of Finance of Japan - Sakakibara, known as «Mr. Yen» predicts weakening of the yen in 2014 to 108 yen per dollar.
According to Sakakibara, State Pension Investment Fund (GPIF) of Japan, whose assets grew in the last quarter to a record 124 trillion yen (1.2$ trillion) should follow the recommendations of experts and increase investments in foreign holdings from 23% to 35%.
Chinkou-span, and the Ichimoku cloud is below the price. Tenkan-sen and Kijun-sen are directed upwards. Chinkou Span is below the price, the cloud is growing. Tenkan-Sen and Kijun-sen are horizontal
Bollinger Bands indicates an upward movement. The bands are slightly expanded and directed upwards. MACD histogram is still located in the positive zone, but slightly below its signal line, continues to gradually decline and thus sends a signal to sell.
The growth target in the long term is 104.00, but in order to achieve it the price have to break through and consolidate above 103. If the price is not able to break above 103.20 the corrective pullback reaches the rising trendline 102.60.