USD/JPY is currently trading with a slight bearish bias. Wave (b) went higher than expected to 123.67, but ended up closing below 123.41. We are waiting for the current upward retracement to reach 123.41 or even further to 123.76, then continue short, with ultimate target at 121.93. traders trading this pair should observe other pairs such as USD/CZK, USD/CHF and HKD/JPY. Therefore, only buy or sell USD/JPY if all the other positively correlated pairs are giving the same signal.
Sell from 123.46, with targets at 121.93, place your SL above the closest highest high.