From Friday, "the C wave down that we have been looking for in the USDJPY may be under way. The form of the decline on the way down will clue us in to the bearish potential. A break below the support line drawn off of the 4/19 and 5/11 lows (just above 120.00) may lead to increased selling pressure.
A slight new high (above 121.38) is possible in order to complete a small degree 5th wave before a reversal. The chart today points to the fact that the entire rally from 115.14 is corrective, while the preceding decline was impulsive." The new high has been registered and there are 5 waves up from 119.46 so at least a period of corrective decline is expected. The USDJPY is approaching significant resistance from the 2/22 high at 121.63.