USD/JPY (a 4-hour chart)
The recent GDP data showed that Japanese economy grew at 0.9% in the first quartal of 2013. However, this news could not outweigh the fact that the economy is in a deep deflation. Deflator shows a decline of 1.2% year on year.
But it is not all that bad, wages in the country begins to grow and this is a key factor in the destruction of a deflationary psychology.
Having reached the level of resistance 103, the pair slowed down. We see a "bullish parade lines". Tenkan-Sen and Kijun-Sen are intersected, having formed a "golden cross".
The upward movement will continue until the pair is over the Ichimoku cloud.
Bollinger Bands are directed upward and narrowed, signaling a slowdown in a growth.
MACD is in the positive area, the histogram is under the signal line.
On the hourly chart the pair has formed a "bull flag" that was breached on Friday. The breakthrough was a new signal for a growth. The signal of the growth has created a space for further strengthening towards 103.60.
We expect a consolidation at 103 before a further growth.