I think i mentioned yesterday i was a little concerned about USD/JPY being able to make much headway above the recent high at 98.65/70 and today i think i will restate my case. I have attached a daily chart that shows a number of the technical studies working their way lower while the price tries to head higher.
Based on this i would certainly have squared any longs ahead of the 98.00 level and would be looking to sell smalls to start with, at the 98.00 level with a stop above 99.00. Also look to add to shorts if we fail on attempts to break above 98.60/70 for a potential move back to 96.50 if not 94.50.