Japanese yen (JXY) broke from a big bearish channel and started heading to the skies. Now it pulled back to 200 EMA and horizontal support level (that was once a resistance). I expect a bounce off that level. It might test it a few more times penetrating it but the eventual route is up. The worst scenerio: it can drop down to the triangle trendline (in which it got cornered) but then it will bounce up to the other upper side of the triangle anyway. And the ultimate breakout from the that triangle should be upwards as shown on the chart (in accordance with a previous trend, as it already tested the ultimate bottom). When trading Japanese Yen pairs (GBPJPY, GBPUSD, NZDJPY, AUDJPY, EURJPY...) keep in mind where the yen is going as we trade the spreads between 2 different currencies in each pair.