Japanese Yen: Yen crosses look poised to breakout from symmetrical triangle pattern

The Yen crosses appear ready to have a sharp breakout on a four hour chart. 

The GBP/JPY has already decided which side it wants to take, see chart below:

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Source: FXCM

Are AUD/JPY, CAD/JPY, EUR/JPY, and NZD/JPY ready to follow higher and breakout of the triangle wedge?   See the charts for yourself:

AUD/JPY - 4hr chart

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Source: FXCM

CAD/JPY - 4hr chart

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Source: FXCM

NZD/JPY - 4hr chart

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Source: FXCM

EUR/JPY - 4hr chart

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Source: FXCM

These breakouts will be contingent on the following factors:

  • Risk appetite - risk on vs. risk aversion
  • Greece continued default scare
  • May profit taking
  • 10yr treasury yields - higher yields = lower yen= higher yen crosses

I would not make any trades this week considering many traders will be leaving early for the US Memorial Day holiday weekend, seasonally a bullish end to the week.  The first two weeks of June will show us the path which we can ride till the end of the summer.