20 January 2016, USD/JPY
We assume that the considered pair is forming the wave iii of downward momentum.
At the moment, this wave is apparently not over, so in the near future we can expect a continued decline within the framework of this downward impulse drop.
However, opening short position is not recommended, as the main movement has already taken place and the couple can simply go into a durable flat.
Therefore, in this situation, we are monitor developments from the sidelines.