I've been watching the yen crosses lately and there's definitely some interesting price action happening. The USD/JPY has been struggling to hold above 160—saw a shooting star form on the chart recently, which was actually the second time since late March that bulls failed to push higher. That's a pretty clear signal that the upside momentum is fading.

What caught my eye more is how AUD/JPY has been rallying to levels we haven't seen in years. Meanwhile, CHF/JPY keeps bumping into that 204 resistance and just can't seem to break through it.

The real story here is the technical setup. Over the past few days, the yen pairs have been painting what looks like a reversal pattern—the kind of thing that usually precedes a shift in direction. Given the broader risk-on sentiment in the markets right now, this divergence between the yen crosses is worth monitoring. If the downside momentum in USD/JPY continues, we could see some interesting opportunities shaping up across the whole yen complex. Definitely keeping an eye on how these levels hold.