From a technical perspective the USDJPY
put in a bearish engulfing
pattern on 7/21, which coincided with the channel trend line
and major resistance area
of 105.5-106.5. Now today we put in a 4 hour bearish pin bar
retesting that same area. The retail crowd has also been adding to their longs recently, which now sits 59% long. Just more evidence that we're setting up for a sell off. I'm short with a stop loss above 106.550 and targeting 100.