Most of the yen crosses are developing very broad but very clear ascending wedge formations. This is fundamentally and technically unique as many of the other risk-sensitive pairs and markets have shown relatively tight congestion over the past few weeks at the very top of bullish trends. This is not a small break from the norm in any sense; and suggests the looming threat of a breakout or reversal in risk appetite and many of the markets won’t necessarily translate into this currency’s cadre.

CADJPY Epitomizes the Wedge Formation in the Yen Crosses