Inside technicals and chart patterns by 
The USD/JPY has been heading down with the Dow today as a little sell-off after what was a very strong week for equities is taking a breather, maybe even a little profit taking. This can hardly be considered risk aversion but certainly a short term pause in risk appetite (but the day is not done yet as the most important hour for equities, 3-4pm EST, is still approaching!)
The USD/JPY 15 minute has alerted a Continuation Channel Down from Autochartist. The bounce has taken prices to the downtrend line resistance waiting just above 94.50. The 30 minute chart just has the 34ema low (bottom line of the Wave) at 94.55 with a down angle further confirming the current downtrend and the resistance.
The zoomed in view of the swing short off the 34ema low here shows the resistance that prices have found here just recently. Since the 3pm EST last hour of trading is just 20 minutes away, this set up is particularly interesting since if traders return from lunch and sell equities this is a perfect set up to capitalize on that. For traders who don’t like entries post-London and before the Asian session, keep an eye on the 60 minute USD/JPY which has a 34ema low at 94.67 which could trigger later as the markets gear up for the Sydney open.