All of the action in USD/YEN since September 2010 -- nearly 2 years -- has carved out a massive, rounded, base-like pattern that just recently (since June 1st) appears to have completed a correction and entered a new upleg within the still-developing base.
The upside pivot reversal off of 77.66 into today's high at 80.50 has the right look and underlying oscillator support to indicate that USD/YEN is heading considerably higher -- towards another confrontation with key multi-year resistance at 84.00-85.00.
If hurdled and sustained, this will trigger an intermediate-to-longer term advance towards 95.00-100.00 thereafter. If my technical work proves accurate, then some "fundamental change, or change in perceptions of Japanese fundamentals" is approaching that will have the capability of weakening the YEN (in relation to the Dollar) severely in the weeks and months ahead.
Last in USD/YEN: 80.45. Last in the ProShares UltraShort Yen (YCS): 44.10/11