As you probably know, the USD/JPY correction has been continuing for months now and recently it became more and more obvious that the pair has formed a triangle in the daily filter chart. As you can see on the screenshot above, the pair formed a spinning top candlestick right under the downtrend line. Logic dictates that the pair will likely drop one more time, but after that we can expect a break out and the bullish trend is very likely to continue. How much longer all this will take is a matter of debate, so I, personally, don’t intend to open any long-term long positions before I see the aforementioned break out.