We’ve been actively trading the USD/JPY to the topside over the past week, but the last two trades haven’t worked out as we were hoping, with one stopped out at breakeven and the other invalidated before entry. When otherwise strong technical setups fail to reach their targets, it’s often a sign that the market has reached and exhaustion point and may be due to reverse. In this case, a classic bearish price action pattern suggests the USD/JPY may drop to below 96.00 by early next week.
