Chart D1 USDJPY pair. The wave structure is still bullish, the MACD indicator is rising in the overbought zone and above its signal line. It seems that this currency pair has decided to completely eliminate all reliable sellers at the reversal point. Despite numerous prerequisites for at least a downward correction, the price continues to move upwards with renewed strength. Although there was a correction, it is visible on smaller timeframes, but it was sharp as if deliberately pushed down strongly and then a strong buying spree followed immediately. Apparently, the depreciation of their own currency is beneficial for the Japanese, and the Bank of Japan is likely involved in this. From what I've heard, the Japanese are the most skilled speculators in the world, they make a significant part of the gross domestic product through speculation. It seems that there are Japanese trading robots here that are activated only in one mode - to buy. It is unclear how long this can last, the current situation defies any logic and analysis, just keeps going up like a steam train, increasingly updating historical highs. Bears probably hoped that the price would slow down its growth at the 161.8 level according to the Fibonacci target grid applied to the first wave, but again, no use, passed as if that level didn't exist. They probably aim for the 200 level next, with the acceleration seen here, it could easily reach it, there is still about 300 points to go, and the price only moved about 300 points on Friday. If there are no trades, I wouldn't even consider working with this pair, it's nonsense, not a market. The same goes for the EURUSD and GBPUSD, they provided good signals last week and their setups worked out. Here, if you buy, everything could start falling at any moment, but selling is not an option. There is a bearish divergence on the CCI indicator being used, but whether it will be effective remains to be seen.
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