The USDJPY is waffling back and forth.  Moving averages have all converged and the triangle top and bottom trendlines have been defined.  The question now is which way it will break? 

In my experience when the market consolidates like this, the best course of action is to let the market decide.  A break of the triangle can be used as the first clue.   100.17 and 98.90 define the upper and lower extremes now.  Those levels will change as time goes by (they will converge of course).   An aggressive trader might take a different approach and trade the micro up and down moves.  The best course of action is dependent on the trader.

This evening (7:50 PM) the quarterly Tankan report will be released which may be the catalyst that pushes the market higher or lower.  Also, today is the year end for the Japanese.  The first day of the new year might bring some technical market flows which could also lead to a more defined trend for the currency pair.