The biggest daily drop in USD/JPY since January, according to prices on the EBS, has major implications for the market heading into January 2019 nL1N1YQ06Y.
Thursday's significant fall in price, 1.5 percent at its worst, adds to a developing strong bearish candle for the month.
The engulfing line would need follow on confirmation from the January close, but the crumbling dollar in December will be ringing alarm bells and will likely lead to a cautious start to 2019.
In terms of a bear target, should the engulfing signal be confirmed, is the monthly cloud top currently at 109.60.
The December candle signal will only be negated by a close above the 112.93 November open.
With some illiquid holiday sessions to go before month-end there is still a risk the dollar recovers.
However, the October and November doji candles warned of a loss of bull momentum and a market wary of taking USD/JPY higher and above 115.00.