25 January 2016, USD/JPY
By all appearances, the first part of the active phase of bears is over.
After completing development of the wave iii, the pair went to the flat caused by the wave iv.
At the moment, it is difficult to say how much time this standing will take, but I think that it will not be long.
Thus, it is possible that after a few movements up and down we will witness beginning of the descending impulse wave v