USD/JPY has turned slightly lower last week so it seems like that pair is forming a bigger and more complex corrective pattern. We are looking now at wave four of a higher degree which can be forming even a running triangle. If we are correct, then price can stay sideways for few more days, but we think that break towards 124 should occur then later this month. Invalidation level is at 121.50 because wave four must not trade into a territory of a wave one.
USD/JPY, 4H