PatternsLooking at the daily chart, we can see that the price is testing the latest top, facing a resistance level.
Commitment of Traders
If we look at the COT Index, the commercials bearish stance could confirm our guess.
Looking at the seasonality we see a strong bearish trend until the first week of march that would also suggest a bearish reversal.
Looking at the 4h Wave Volume chart, we can see that the bullish waves are gradually losing force, suggesting a possible turnaround.
We need to await the right candle, then it might be worth entering short.
Of course, if you are a forex trader, you can read this signal in the opposite direction for USD/JPY, with the prospect of a rebound.
Remember: this is not a trade solicitation and, if you decide to trade, you do it at your own responsibility.