Now that the Swiss franc is a free-float currency again, its status as a safe haven has resumed. This is likely to reduce demand for the world’s other safe haven currency, the Japanese Yen, says Thomas Light from Faraday Research.

By closely examining USD/JPY’s daily candle chart, Thomas has identified multiple bullish price patterns setting up across multiple time frames.

“We'll be looking to buy-up today’s retracements back down into the broken trendline at 117's. Any stops should go below the double bottom lows around 115.70's,” says Thomas.

“Our initial profit target for this trade is the daily trendline at 119.60's,” he adds.