 Hello, welcome to today's CMC Market's currency snapshot with myself Jasper Lawler. Today we're going to be talking about the dollar yen. Now there's an interesting chart set up involved in this currency pair, as well as Japan's recently announced consumption tax increase, so these two put together make this well worth watching. I'm going to talk a little bit more about that now. Now as mentioned, Japan's government have recently enacted just this month a new consumption tax increase from 5% to 8% for the whole of Japan. It doesn't compare with the 20% VATs in the UK, but still to the Japanese this is quite a big shock and it's widely expected to dampen economic growth in Japan. Now the reason that they're doing this is because Japan has an aging population and they need to pay for these people in their retirement and they want extra money in the government coffers. The problem is though that there is another scheme going on at the moment and it's been dubbed Abenomics and there's three arrows to this scheme. One is fiscal stimulus, two is monetary stimulus and three is structural reform. Now what's been happening is that the Japanese government have been pumping money into the economy through government spending schemes but most importantly for markets through monetary stimulus namely quantitative easing. So what's happening here is essentially the Japanese government appealing both sides of a piece of string. On one side they're trying to stimulate the economy with quantitative easing, pumping more money into the economy. On the other side they're trying to, what they are effectively doing is slowing down the economy with an increase in tax. So that kind of bears itself out in the chart for the dolly yen right now and this is the kind of pattern that I'm looking to talk about, it's a triangle pattern. I'm going to bring up the chart right now. So this chart is a daily candlestick chart for the dolly yen. And what you can see in front of you is a potential triangle pattern and what looks to have happened is that the price has broken out. Now typically that's a bullish sign for the asset involved and should this breakout continue and project as a triangle pattern typically does that would actually put the price past this key 105 level that you see has to date been the high in the dolly yen. So the question remains, is this balancing act that the Japanese government involved in is that going to push the dollar higher? One extra thing to consider here is that we do have the non-farm payrolls report on Friday. So a positive number in the US unemployment report may add a bit of impetus for the dollar going higher and may persuade traders where things are going in Japan. So that's it. Keep an eye on this triangle breakout pattern and watch the non-farm payrolls on Friday. Keep an eye on what's being said out of the Japanese government and good luck trading. This is the finish for today's currency snapshot with myself Jasper Lawler at CMC Markets. Thank you.