Red lines- bearish channel

Following our November wave analysis on USDJPY, we finally see the 5th wave down to new lows as initially expected. Short-term trend remains bearish as price continues making lower lows and lower highs. USDJPY remains inside the downward sloping channel and is now accelerating the decline after the rejection at the upper channel boundary. As long as price is below 139.60 we remain bearish. Price is now just above 136 and our target of 135-134 remains intact. The RSI is providing a new bullish divergence by forming a higher low, while price is making new lows. Bears need to be cautious.