The last time I wrote about USDJPY on May 25th, I was expecting a pullback from the 140.00 resistance area. That area held, and USDJPY is still pulling back from recent highs. You can see from the daily time frame below how well this ascending channel has contained the pair all year. Given where USDJPY is trading, a further pullback to 136.00-138.00 makes sense. You can see how significant this area is on the weekly chart below. However, the 4-hour time frame shows a symmetrical triangle that has yet to break. For this reason alone, I’m hesitant to call USDPY one way or the other. That’s especially true when we ... (full story)