USD/JPY awaiting triangle breakout.
USD/JPY is trading within the middle of a symmetrical triangle formation off that back of its recent downtrend. Given that wider sell-off, the expectation is that we will break lower from this formation. However, we can take our lead from the breakout for greater confidence, with an hourly close above ¥109.18 pointing towards a period of short-term strength.
Conversely, an hourly close below ¥108.32 would likely spark the next leg lower for the pair. Alternately, short positions look interesting from near trendline resistance as a play on the continuation of this pattern.