On last Wednesday, USD/JPY broke through the top of a large triangle pattern which had been forming since early-December before it reversed quickly back lower again, notes Goldman Sachs. "While this is disappointing, the broader setup does still look quite positive. Moreover, this isn’t the first time that USDJPY has failed to sustain a break from a bullish triangle," GS adds. "Both of the recent triangle breaks in Jul. ‘14 and Oct. ’13 failed to see follow-through on the initial move higher. These failures ended up doing very little damage to the overall trend. In other words, despite retracing quite a bit on ... (full story)