Despite a big gap down on USD/JPY, the pair remains in bullish mode as decline is actually still in three waves which we think is wave (iv). Notice that wave (iv) is actually testing some interesting levels around 04.30, where we can see an upper line of a base channel as well as a 38.2% retracement level compared to wave (iii). The pair could continue higher in this week, but we need to keep a close eye on 95.44 level. An overlap will confirm the bullish case. Why? Because in such case a decline from the top would be a completed three wave fall which is a corrective structure.