The EUR/JPY pair appears to be consolidating after another ferocious leg higher, and that consolidation is taking the form of an ascending triangle. I'm impressed by the fact that the triangle harmonizes with the overall trend, as the pair has been trending higher for over two years now. Bears have been defending the area just under 169.00, for a week or so, and I've got to believe there are stops above the figure. A break above that level could unleash a torrent of short covering.
