Markets never stops to surprising me. I thought the USDJPY was going to hit 101.3 but it didn't. If what I see is a real double top, it's time for a downtrend.
USDJPY seems to have completed 5 waves up at 99.944 and needs to recharge for sometimes by implementing a downtrend with 3-5 major waves down. See the 5 waves up in the weekly chart below.
A double top in the daily charts is now casting dark clouds on the currency pair as in the daily chart below.
See the double top in 4-hour chart below and targets/supports in the area 97.22-97.14 and 96.32-96.19
Now check the entry/exit points of the "wave oscillator" in the same 4-hour chart:
- the blue lines are the entry points for a long
- the red lines are the entry points for a short
- the black vertical lines are exit point for both trades
See the last red line (right end) showing the short? There's no exit yet.