USDJPY may potentially produce a reverse head and shoulders pattern at the base of two descending channels. Two weekly pivots sit above price and are confluent with important fib levels. If price does not met entry, the trade will be cancelled and I may start to consider short opportunities. If SL is hit, there may be a wolfe wave complete just beyond the base of the demand zone . Bearish price action past 105.5 would indicate short bias.
Here is the potential reverse head and shoulders pattern I was referring to: