USDJPY Update

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Despite a big gap down on USDJPY pair remains in bullish mode as decline is actually still in three waves which we think it's wave (iv). Notice that wave (iv) is actually testing some interesting levels around 04.30, where we can see an upper line of a base channel as well as 38.2% retracement level compared to wave (iii). With that said, pair could continue higher in this week, but we need to keep a close eye on 95.45/95.70 level. An overlap will confirm the bullish case. Why? Because in such case decline from the top would be a completed three wave fall which is a corrective structure.