Not Including the late-August whipsaw low of 116.18, this creates a sequence of lower highs and lower lows. USDJPY’s multi-year uptrend is ending. The current trend is increasingly likely to bounce, and we recommend selling strength. We see major resistance at 121.80
USDJPY weekly chart shows a cloud cross. It's showing signs of weakness as the just crossed and the cloud is officially in a position. This happened with breaking support and showing a momentum.
USDJPY may trade down to the 100wk moving average and the bottom of the rising cloud at about 114-115.50. Given the triangle top, a measured move suggests 112 is even a possibility. A rise to the 50wk average and top of the cloud at about 120.75 would be a great place to go short, in our view.