Still well within its Nov/Dec up channels. After a minor bearish divergence at recent highs we are seeing a sharp pullback that is likely wave-iv of 5. There is already a positive reversal in momentum that suggests still another new high is this rally from early November. The top of the Fib retracement zone (121.89/30) has already been met so most of the price decline in wave-iv has been accomplished.
Read the full report: USDJPY