Inside technicals and chart patterns by 
There are a number of levels to watch as a potential ceiling on the 240 minute USD/JPY:
- the 200SMA which is always psychologically significant
- the uptrend line resistance from the recent ascending triangle pattern
- the nearby 1.272 Fibonacci extension level at 90.89
Since the current market cycle could be seen as a distribution cycle (the Wave is at two to four o’clock) then an “aggro” set up off a ceiling as a short is a valid entry. Keep a tight stop of approximately 10-12 pips or if you would like to give it a little more wiggle, use the 1.272 Fibo or 92.00 major psych level.