USD/JPY is currently trading with a slight bearish bias. The pair went long as previously forecasted and even crossed above 122.36, but could not close above the upper resistive trendline. We expect a massive corrective downward move from this resistive trend line towards 122.36, basically, the corrective wave (4) should close around 122.36 before we continue to wave (5). Traders trading this pairs should observe other positively correlated pairs such as GBP/NZD and USD/CAD, only buy or sell USD/JPY if all the other positively correlated pairs are giving the same signal.
Sell from the upper resistant trendline but with stop at 122.36. We expect 122.36 to be the beginning of wave (5).