Hi fellow traders, Time ago I did update about the price movement of USDJPY, check this link for your reference At D1 TF the formation of 3rd wave finished and the 4th wave was just little retraced( 0.236 fibs only), and quickly it has been popping up up to now (probably) to fulfill its 5th wave at around 116.xxx; I suppose stronger supply for USDJPY will be met at around 116.66x - 116.9xx until FOMC on Dec 14th 2016. The 5th wave but can also be ended at 115.9xx and the price will be in a corrective phase for a while.
Alternative scenario is that USDJPY will retrace to the second depicted zone of 4th wave at 114.66x before FOMC and keep waiting around there for Fed's decision of rate hike and pop up from there shortly before the decision thereof, in case there is a positive rate hike, 0.5 basis points up to 0.75 basis points, then we have a lovely pop up; 0.25 basis points will be then interesting.
So take your notes at the depicted price levels on the chart for your reference.