The USD/JPY pair is trading above its upward trend line on a 4 hour time frame. The price has broken its symmetrical triangle pattern towards the upside. The projection if completed, could easily push the price near the 128 mark. However the symmetrical triangle patterns are ranked towards the bottom due to their reliable pattern completion pattern. The pair has also touched the 50 day moving average and if breaks this moving average towards the downside and stays below this average , this will confirm that the pattern projection is no longer in play and the bias could be towards the downside.
The CCi indicator is trading in an extreme oversold region and this is usually taken as the opportunity by traders to jump back in and take their long position,