CME:6J1!   JAPANESE YEN FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)
Following the traditional technical analysis rules, the symmetrical triangle is a continuation pattern. Two are currently forming, one on the YEN futures daily and the other on the USDJPY . Triangles are patterns which form during rangebound markets as buyers and sellers compete over price value. Traditionally those who in prior control of market direction win out. If that ends up being the case here and the Yen breaks out and the USDJPY breaks down then the latter is not looking for support until 102.5 right around 300 pips from the current price. I went back an look over the weekly COT charts and Dealer Intermediaries (sell-side) have been dropping net shorts on the YEN since mid-November, sitting at -13,589 at last week's reporting. If the YEN breaks out above most recent supply zone and the Dollar rally continues to falter, than I'll be definitely looking for shorting opportunities below 105.25
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