GBPJPY The Pennant pattern is forming

The Bank of Japan facilitated the biggest yen sale in six months. The dollar rose 1.70%, approaching last year's high (about 152 yen). Breaking above the Bollinger Bands, which are two standard deviations above the 20-day moving average, the U.S. dollar traded three standard deviations from the moving average. It's quiet today. The dollar has spent most of its trading so far between 151.15 yen and 151.50 yen. Some participants are considering moving to 160 yen. In the short term, $2.3 billion of options expire at 152 yen.