On the USD/JPY daily timeframe,  we have seen weak prices for the last ten months or so, but notice that structure is overlapping and also made by three waves down in that first wave from 2015 high that we labeled as wave A-circled. We know that three wave structures are corrections, or part of a complex corrective pattern. In our case it's part of more complex pattern, a flat where recent decline down from 124.00 is wave C then, maybe already finished after recent bounce from 107.50 area. That said, we assume that whole decline is a big contra-trend movement; it's probably wave IV as part of a big uptrend that will be ready to continue once 113.86 is broken.

USDJPY, Daily