US Dollar / Japanese Yen

Trading above 9080 would signal a breakout and warrant a long position (although risk is not yet clearly defined). Near term, the pair remains range bound and there is the risk of a turn lower and drop below 8940. Longer term - "The USDJPY low in November has that 'look' and feel of an important bottom. The low was in a spike fashion and occurred at the midline of a well defined multiyear channel. Structurally, the decline from the 2007 high (12420) may be a diagonal. Sharp rallies tend to follow diagonals. Keep this longer term picture in mind as we wait for a clear entry."