Multiyear pattern starting to play out in the USDJPY

The USDJPY has been rangebound at the top of a massive growth spurt. For several weeks it has not been able to break above 151.878. Currently we have a flag pattern on the hourly graph that signals a decline is in process.

Hourly Target 150.417

For those of you who think that the Japanese yen is in for a shakeup and a turnaround can hold on to the daily graph target of 142.51.

I want to remind you that we are at a multiple decade high, last time the yen was worth so little was back in 1989.