USDJPY is currently trading with a bearish bias. Since the price is already trading below the lower green trend line forming the upward channel, 123.75 seems to have marked the end of the 5 wave cycle. Meaning the current downward movement is a corrective move to form a 3 wave cycle. We expect further downward movements upon bouncing off from the now resitive trend line(green). Any clear break back to this upward channel may challenge this view. As long as the pair trades below this green trend line, we expect downward movements. We will look to sell this pair upon bouncing off from the green trendline, at the same time, EURUSD, a strongly negatively correlated pair will be bouncing off from a supportive trendline (Shown in the EURUSD analysis).
Wait for a minor pullback back to the green trend line, then sell the pair but with targets at 122.22, and the next target at 121.75