From my perspective -- I am a U.S. Dollar bull -- the answer to the question in the headline would be yes.

The nice thing about believing that the pattern on the chart is an accurate reflection of the underlying fundamentals is you do not have to worry so much that the next headline will sink your position. But whether the great pennant in the Yen breaks in the direction is was moving in when it created the wide base in the spring -- and supported by a bearish seasonal; see chart below-- or not, we must still always use stop loss orders and be prepared to bend rather than be broken.

A picture is indeed worth a 1,000 words so I will let these two graphs speak for themselves.

Trading is a risky endeavor and not suitable for most investors.