USDJPY: brilliant week

After pointing out the two head & shoulders patterns last Friday, the USDJPY tested the neckline of the smaller inverse pattern after NFP last Friday and never hesitated, falling all week this week to break the larger head & shoulders pattern neckline near 96.50.  Attached is the daily chart of this pair, with the obvious pattern in view, neckline is in blue.  The nearly 400 pip move this week is surely a precursor of what is to come in the coming weeks.  Since the neckline of this larger head & shoulders pattern broke, I am expecting further downside, potentially all the way to 89.60 area.  The new dotted white lines outline a new down trend channel that has also emerged.  Any price pop ups should be good for selling into, as long as this new down channel upper line holds.  In fact, with large patterns like this one, and such a large move this week, I would not be surprised if this pair continues its fall without much retracement at all.  Target for the pattern points to 89.60 area.  Only price above the newly formed down channel would make me reconsider shorts.