$/yen (yen), seen as major mover in 2012

Longer term in $/yen, view the market (and overall yen) as the potential big mover in 2012, as it continues to form a huge falling wedge since 2007. These are seen as reversal patterns that resolve sharply higher, and suggests an eventual upside resolution of the ceiling (currently at 77.50/00) and likely bottom for at least 12-18 months (or more) may be nearing. But with no firm signs of a shorter term low so far (see shorter term below), there remains scope for more basing and potentially

FXstreet.com: Technical: Technical Market View