The U.S. Dollar has been forming traveling in a "head and shoulders" formation against the Japanese Yen since the end of April. Generally, such a formation is a reversal of the previous trend. We see that the broader trend prior to this had been to the south-side. The formation in question might then indicate that USDJPY might be headed for higher ground.
This formation has seen price action hit upward sloping support on at least three previous occasions. Currently the pair lies at this foundational level - all the more to think that the Dollar will exhibit bullish characteristics against the Yen in the coming days.
