Markets are adjusting to the fact that oil did not crash after the Doha meeting. Dollar Yen is a case in point. Flight to quailtiy Yen buying is being unwound and a bullish Bollinger Band pattern is setting up
USDJPY looks like making a low point today. It's already made a higher high, and looks pretty likely to leave a higher low as well. This will be the second low point in a double bottom style "W" pattern.
This is a pattern, John Bollinger favours. He looks for the second low to be above the lower Bollinger Band while the first is below it. This shows the 2nd low has reduced standard deviation or variance. In other words, the market has lost downward momentum; showing it's in the mood for a decent pop to the upside
If all this plays out, one alternative might be a re -test of the old triangle support with the middle band or 20 day moving average forming the lower bound of the retest range. A more aggressive rally could see a move to tag the Upper Bollinger Band, a common occurrence in these circumstances.