USD/JPY made only three waves up from the most recent lows, and did not exceed 85.50 level. Notice that price is actually ranged, so we favour a corrective interpretation, called a running triangle placed in wave IV). As such, larger downtrend is still incomplete as we are now tracking an incomplete diagonal pattern with wave V) yet to come, but after minor wave E pull-back that should take place in the next few months.

Forex Analysis by Gregor Horvat at ForexPros. com