USD/JPY (a 4-hour chart)
Yen continued weakening amid the growth of the Japanese stock market, which added 2.3% according to the Nikkei 225 index. The pair was above 103 for the first time since May 2013; this happened also because of the weak Japanese data. Japan's GDP growth for the third quarter was revised downwards to 0.3 % q/q, against the preliminary estimates of 0.5%. Due to weak foreign demand the capital investment companies were lowered.
Economic growth rate has been declining for the second consecutive quarter. The data of the trade balance and current account balance of payments were worse than expected.
Chinkou-span is above the price, the pair is above the Ichimoku cloud. Tenkan-sen is directed downwards, Kijun-sen is horizontal. Chinkou Span is below the price, the cloud is neutral.
Bollinger Bands still indicate an upward movement. The bands are widening and directed upwards. MACD is located in a positive zone, slightly below its signal line.
Though the pair broke the level 103.20 the break was not supported by high trade volumes. Rebound upwards will be quite expected from the support level 103.20. Should the pair continue growing that targets are 104.00 and 104.50.