Long-term positioning appears to suggest prices completed a major bottom in December, confirming the formation of a large inverse Head and Shoulders pattern carved out over the course of more than two years. The setup implies a measured upside objective at 92.64. Near- to medium-term setups are somewhat inconclusive however.

Forex_Analysis_USDJPY_Classic_Technical_Report_01.04.2013_body_Picture_1.png, Forex Analysis: USD/JPY Classic Technical Report 01.04.2013

Monthly Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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