The 4-hour chart for USD/JPY shows that the pair is consolidating within the 140 to 151 range. After hitting the 151 level, the pair reversed lower and formed an inverted head and shoulders pattern below 148.30. A break below 146.50 would indicate a strong drop toward the 142 level.
The emergence of a head and shoulders pattern at the 151 resistance also signals negative pressure in the short term. A decisive break of the 140 to 151 range is required to trigger the next significant move in the short term.
