When my weekly technical work on USD/YEN exhibits a glaring negative momentum divergence, it is worth heeding the warning that the U.S. Dollar is nearing upside exhaustion (YEN nearing downside exhaustion) after a near 4-year vertical run from 75.50 to 125.85.
All of the action in USD/YEN since its "orthodox high" at 121.85 in Dec 2014 represents the initial period of topping distribution.
To complete the top formation, USD/YEN must roll over and sustain beneath 116.00, at which point my work will trigger major sell signals (YEN buy signals) that will project to 100.00-95.00 thereafter.
Heavy resistance resides between 122 and 125, which should prove impenetrable prior to the anticipated rollover into a major corrective sell signal.
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