USDJPY is in uptrend, but extreme overbought condition, slow down on US yields and also some speculation regarding BoJ JPY intervention puts a strong resistance in play on USDJPY. In fact, the pair has five waves up from start of April, so there can be time for a pullback; its totally normal. Five waves up from the start of April (1h chart) may suggest that there can be some retracement coming. We should keep an eye on trendline support connected from 121.17, where a decisive breakdown will signal that bulls are done, at least temporarily. The daily count also suggests some correction in the weeks ahead as the pair can be in the late stages of an extended wave V or even wave III.
