USDJPY on the 4H chart has completed a clear five-wave decline followed by a corrective ABC retracement, which has now broken its internal trendline—confirming potential for a new impulsive drop. Technically, this structure signals the start of wave (3) down. Fundamentally, dollar weakness from soft economic data and rising Fed cut expectations contrasts with BOJ’s hawkish tone, favoring further JPY strength. Risk-off sentiment adds pressure, supporting a bearish continuation.