There is a possibility that a reversal will take shape in USD/JPY. The break out of the triangle has reached its target and it is possible the medium trend may be about to reverse as triangles almost always precede the final move in a trend. A hammer has formed on the daily, and if it remains and we get more bullish confirmation on Monday, then the reversal could follow. The next target higher would be the trend-line at 79.00. If the trend down resumes, however, then it could reach support at 77.46 from the monthly pivot.

Analysis prepared by:

Joaquin Monfort
Forex4you analyst