The USD/JPY pair has formed an ascending triangle pattern on a 30 minute time frame. The ascending triangles usually break towards the upside and if this pattern does break to the upside it could push the price near the yellow rectangle shown on the chart. However, the price is trading below the 50 day (shown in green) and 100 day (shown in yellow) moving averages which confirm that the bulls have lost their control. The volatility for the pair remains low as the price is trading within the Bollinger band and close to its 20day moving averages.
The RSI is showing a clear sign of deflection which means that the bias could be to the upside.