On the daily chart of U.S dollar/Japanese yen (USD/JPY) currency pair we are observing a nice decline of a higher degree taking place, with price now trading in final wave 5. Because of a nice drop from 107 area, we believe blue wave 4 is completed and more weakness may be seen in weeks ahead.
On the 4h chart we can see that U.S dollar/Japanese yen (USD/JPY) currency pair turned strongly to the upside on Friday, so obviously bears are not ready to continue yet. We however see only three waves up from the low for now, so it can be wave 4) that is now trading around resistance area of 102.64. Ideally market will spike above that price before it may turn down later this week. Technically speaking we will have to see a very strong bearish turn back beneath 101.00 level before we may confirm bearish continuation to around 98.