The USDJPY is the epitome of frustration. After surging through 99, the pair kissed off of the 200 day SMA and has turned down. The long term wave structure is bearish, as evidenced by the break from the triangle on the monthly chart as well as the advance from 87.09 being in 3 waves. However, there are bullish implications from a short term head and shoulders inverse pattern. With signals mixed, I prefer to stand aside.
