USD/JPY (4-hour chart) as of Monday (6/27/2011) has broken out of a symmetrical triangle consolidation pattern extending back to the end-of-May high, which resides within a larger consolidation that has been in place for the last two months. The current triangle consolidation breakout has not been particularly strong, but it represents a bullish indication that hints of further bullishness potentially to come. For more USD/JPY forex technical analysis, please click here.
James Chen, CTA, CMT
Director of Technical Research and Education