The wind was taken out of USD/JPY's sails

A bearish engulfing pattern has developed on the USD/JPY weekly chart.

With a Friday's close erasing the previous week's gains, the bearish reversal pattern provides strong visual reinforcement that the bulls hopped out recently.

From a Western technical perspective, the MACD oscillator above zero and printing lower highs reflects the heavy tone in this market, now prone to price-indicator divergences.