FX:USDJPY U.S. Dollar/Japanese Yen
USDJPY may potentially produce a reverse pattern at the base of two descending channels. Two 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 complete just beyond the base of the . price action past 105.5 would indicate short bias.
Trade active: Here is the potential reverse head and shoulders pattern I was referring to:
Trade closed: stop reached