I talked to several people, both Chinese and Japanese after this did not make sense to me (my first language being English, but about 15 years of study in Chinese and/or Japanese). We also search Chinese and Japanese Google for any reference to this (no results).
I am afraid it's just nonsense.
It means something like "Cold Circle" or "Fearful [animal] Pen".
The first character means, cold, shivering, fearful, afraid, apprehensive, strict, stern, and/or severe in Chinese. In Japanese, it just has more the "cold" definition.
The second character means circle, ring, loop, to surround, to circle, pen (pig), to confine, to lock up, or to pen in. I could only find a Chinese definition. This character does not appear in any of the Japanese dictionaries that I tried.
What did the flashers at the tattoo parlor say that this was supposed to mean?