USD/JPY (a 4-hour chart)
Last week USDJPY renewed maximums, having reached 103.30. The pair opened the week with a gap and the price almost immediately fell to 102 yen per dollar, but later recovered to the level 102.40.
The situation is not clear for the pair: MACD indicates a decline, the histogram is reducing, the signal line is directed downwards. But Bollinger Bands indicator indicates a growth.
Kijun-Sen and Tenkan-sen formed a "golden cross" on the daily chart. Both lines are directed upward. The price is above the cloud indicating the growing tendency.
The four-hour chart confirms an upward movement as well.
The pair is being supported by the recent changes in the monetary policy of the country. Remember, the new policy of the Central Bank aims to fight the deflation, the Bank of Japan plans to expand the monetary base in two years.
Now the falling is being constrained by the level 102.10. Should the pair break this level it may go to 101.9 - this is Bollinger Bands lower line.
Should the pair grow the main target is the level 103.30.