Hopefully building right shoulder (Daily). Break of neckline ought to be quite 'explosive' to upside, potentially capped be around 87 momentum wise, but 89+ ought to be achievable as it is 20 SMA on Monthly, which historically has been tagged on so many occasions. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=3029098>
Buy pattern on Daily chart (price + histo) now points to break of this damn TL with next target being 87 zone.
So you are long USD and short JPY? The latest data point on your chart looks like a good entry point to get short USD and long JPY.
If you are following a trend you are quite right, this ought to be a technically sound entry to short USDJPY. But I believe price is at a temporary trend exhaustion phase. Traders tried to push price through 80 & failed. November bar pretty much engulfed October bar. 20 SMA Monthly is magnet (~90). For USDJPY to break 80 we need some sort of bearish event in equities or FED to announce QE3.
I can't tell jack from that and evidently you can't either, which is why you had no comment regarding the image.
USDJPY may be turning.... To play JPY weakness, position to acumulate AUDJPY and NZDJPY. Good luck, temujin.