USD/JPY (a 4-hour chart)
Dollar reduced its growth versus the Japanese yen for some time after the Federal Reserve Bank of Boston office Eric Rosengren said that the rate of economic recovery was quite slow.
Moreover Eric Rosengren is the only member of the FOMC, who is against the QE program cutting; he said that the reduction in premature stimulus may delay return of “economy of a country to normal conditions”.
The pair strengthens again, and a break above the current maximum at the level 105.40 will show a continuing growth in the framework of a long-term uptrend, the target of which is to test the resistance 110.70.
There is a confirmed and weak sell signal. Chinkou Span is above the price, the price is in the Ichimoku cloud. The southern movement remains until the price is below the Kijun-sen. Tenkan-sen and Kijun-sen are directed down.
Bollinger Bands indicator shows that a downward movement as its bands are expanded and directed downwards. MACD is decreasing, showing a sell signal.
The pair is in the cloud, its direction is not yet certain. If the pair comes out of the clouds up, the growth will be continued to 105.50 and above. If the USD/JPY breaks the cloud down, the first target will be the level 103.80.