$USDJPY | Readying for Take-Off

USDJPY Folks, it appears that we have an upside reversal in place for this pair, since price action failed to break below the lower trendline of the positve sloping regression channel. This failure break at $111.77 and price action inability of not carrying through into the previous negative sloping regression channel established since January, indicates that future price action is readying for take off. As long as price action continues to move along the red trendline in the upcoming sessions next week and stays above this line, we can assume that an attempt to challenge the upward area of this channel set at $155.77 is likely. Supporting this theory is a continuing erosion in either gold price like we saw last week, or weakening oil prices. Folks, take out the popcorn bowl.