On a one hour chart the US Dollar appears to be forming a bearish pennant against the Japanese Yen. The pair may be approaching the moment of truth as a breakout could potentially send the Greenback tumbling. As one may notice, the USDJPY had been volatile throughout the end of the previous week only to have the start Tokyo trading reduce the amplitude of these swings.
[I]Created Using FX Trek IntelliChart – Prepared by Luis Gil[/I]