Now most analysts are bearish on this pair and suggesting that the short term pattern will continue, I don't see how. Call me stubborn :P I guess it depends on what chart you are looking at. I'm bullish on this pair.. look at the chart below.
This chart represents the USD/JPY and goes back a few months. The drop that you see in the first chart is the final steep drop above. It's looking like the pair is crawling back up, right?! Slowly though but fast enough to call it a short term 'turn-around' trade. I'm bullish on this pair. Click on the chart for my wonderful fibonacci analyis :P. By friday, I'll do an update on this one (94.74-94.79) T1@ 95.46.
Below are some CNBC shorts relating to the currency markets;