Royal Bank of Scotland - "USD/JPY: The inverse head and shoulders pattern as outlined adjacent met its target almost perfectly and failed at the previous highs from 2010 that are clustered between the 92.32/94.77 levels. The recent high was 94.77 which was the exact high in April ’10. From a technical perspective after the extraordinary move higher we’ve witnessed positions look to be lighter and now I look to the 91.24/94.77 range for the significant break. Breaks higher from this consolidation and 97.50 becomes the target, where as breaks lower open the 61.8% retracement of this recent range at 89.56"