Awaiting USD/JPY Short

Following a lot of bullish momentum on this pair since september, it now looks as if price is beginning to look exhausted. We had an impulse, correction and continuation of the bulls since september, but in the last few weeks price has slowed its ascent and this has formed a ascending channel on the 4 hour.

Within this channel we have had 2 touches to the upside, last week we had another bullish impulse, if we get a renewed impulse and third touch, I will be stalking a short from there. It is also possible that last weeks impulse could have been the third push and price just falls from here.