The USDJPY is not showing a clear direction of movement to the upside or downside. The price has been moving in a wedge formation down trend channel since 19-May-2010 (Green line).
The RSI has been showing positive divergence from the price. This is sure to reinforce my view of a coming upward reversal. I will look to buy the pair if the pair can closed above the wedge at the end of the day. The buying will have to confirm with either the MACD or other indicators.
Initial targets might be 87.00 or even 88.20. Will confirm on the take-profit and stop-loss later if the trade opportunity presents.
P.S> We are still in the EURUSD trade. Currently in profit of 260 PIPS. Check out here for my trade P/L.