Is This the End of the USD/JPY Move to the Downside?

When I ask this question I am referring to the global trend that began on 1st Oct 2011 or more precisely, the whole cycle of 5 impulse and three corrective waves.

If we examine the monthly time frame we will see that at the moment the pair has fallen to 38.2% Fibo of the impulse, which makes me wonder whether this is the end of Wave A of the correction. If it has ended, then the possible move to the upside will last at least until the pair reaches 118 – 119. There is another scenario where the move to the downside could continue for a little while longer, until the pair reaches 50% Fibo, which is around 108.50.

Either way, we should expect a new move to the upside, so we should be on the lookout for good entry points for long positions, since Wave B of the correction should start climbing soon.