UPDATED:  Dec 18, 2012

The two most dominant features of the pair are the falling wedge (purple) since 2000 and the falling white channel since 2001.

USDJPYbroke out of the wedge in February, retracing a Fib .886 of the Apr – Oct 2011 plunge to complete a Bat Pattern.  Since then, the pair back-tested the wedge (and a minor channel, in red) and is approaching a serious test at the mid-line of the white channel.

A breakthrough at the channel mid-line would likely lead to the first of two target areas: Point 1 in the first shaded rectangle.  Note the intersection of several key Fib levels on three different grids in the vicinity.