The USDJPY has an inverted head and shoulders pattern.
The USDJPY has been range bound for weeks but finally cleared the resistance at the 108.20 level (which will be support on dips) and also broke the 200dma. The speculator market is long JPY (via CFTC positioning) which may continue to fuel the move higher above the channel resistance and 50% retracement at the 108.89 level. Eventually, the USDJPY should reach 110.00 as this is the projected move of the inverted head and shoulders pattern.
