The orange lines show an inverted head and shoulders (H&S) pattern with head at 76-ish. The thicker line shows the neckline at 78-ish, which was broken, so a target of 80 is in forecasted, and already achieved. Another inverted H&S can be forecasted with the same head but using the thinner neck line at 79-ish, thus, that target would be 82. Price is currently receiving a pull back from the 81 area. With the momo in place now, 82 should be tagged, then price can pull back and likely move sideways thru the 78-82 channel going forward. Note that the necklines are ruptured without any back kiss yet taking place, thus, price should come back down to 78-79 for a test and bounce to show that it truly wants to head higher. If looking at the FXY chart, simply use the inverse analysis and project a H&S breakdown for that chart, the reverse of this analysis.
The weaker yen causes the dollar/yen to move higher, a higher dollar causes the dollar/yen to move higher. The white lines, and yellow lines, show the positive divergence that launched price, the chart easily told you at these junctures that you do not want to be playing the downside. Speculators buy at the white and yellow arrows to call bottoms. From March to the bottom in early November, note the falling wedge that gave a bounce projection more street cred as well. Projection is a move to tag 82, then back down to 78-79, then sideways thru 78-82.
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