On Mondays, while analyzing the charts, you can broaden the range of intervals by a weekly period.

USDJPY Weekly – a bearish engulfing

The mother candle of the pattern has a maximum above the round level of 109.00, where the neck line of the H&S pattern also runs, but the week’s close is below this important level (the candle has a long upper wick) which suggests rejection.

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If you look at the daily chart, you can draw a diagonal local support/resistance line from which the price has already been rejected three times.
The MACD oscillator is in a downward divergence process, which leads me to focus on shortening the pair. A level which can be interesting to watch is 108.75 where we have a S/R level, there I would wait for a sign of weakness and go short.

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