USDJPY has turned sharply lower in the last few weeks which now looks like a new leg within ongoing complex correction. We are tracking red wave 4) which can be a triangle or even a flat, but for now we will focus on a triangle which means that current leg down can be limited around 118.00 area. We would not be surprised by a bullish turn up into wave D later this month.
USDJPY Daily Chart
On the lower time frame, USDJPY has turned sharply lower last week but we see a decline as temporary move within ongoing complex correction. Notice that move from November high can be a zigzag currently with wave (c) underway to around 118.00 where support can be found but bullish turn will be confirmed only by an impulsive upward reaction.
USDJPY 4 Hour Chart