I already have a sell position open on the USDJPY. This week, I will look to adding to my position based on the technical analysis on the pair during the weekend. On the weekly time frame, price action is operating at the resistance zone of a falling channel (navy) and within a larger wedge pattern (navy). Last week, a bearish engulfing candlestick was printed which broke below a support trendline (magenta) from the low of September 2012. In actual fact, it was a retest of the trendline earlier broken in February 2018, which is apparently being flipped for a bearish continuation. If bears are able to breach the monthly pivot (108.150) southward, the horizontal support (purple) around the 105.780 may be exposed.
The H4 time frame shows that price action has breached a support trendline (red) after a 78.6 Fib retracement of the drop from the high of January 8, 2018 to the low of March 23, 2018. A resistance trendline (black) is in play and its retesting by price action may validate it for a southward momentum.
I may be wrong. Trade safe and prosper.