Looking at the long-term chart of USD/JPY the trend is still solidly up. The original head and shoulders pattern broken in late 2012 well and truly reached its target. The large symmetrical triangle of 2013 broke upwards and should have reached 109.00. It hasn't yet made it.
That makes me wonder if the triangle now forming between 102 and 105 is going to be a continuation pattern for a push up to this 109 level.
Of course a break and close below 102 and I'd consider shorting for a move down to the 99.00 handle.
So as with Gold and the Aussie dollar the setup is there for the patient trader. Don't get too caught up in the daily noise when the better percentage plays will come.
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