USDJPY made a sharp recovery recently, which suggests a completed wave B correction at the 106.87 level and now a new leg to be in motion.

We are talking about wave C, which can take price towards the 109.90/110.81 region where bulls can slow down. That said, a drop in impulsive fashion and below the 108.51 level would suggest a change in trend, from bullish to bearish.

USDJPY, 4h