2005.Dec. 05's Top:121.38 & consecutive Decline to 108.96 will have Fractal Top Out relationship with 121.84 of Dec.05 this year. Their starting points & total upward wave length are alomost the same. Therefore I would say that USD/JPY had already started 5 months-long Declining Phase. It would be able to reach 108.96--109.40 at maximum.
The last A Phase was happened even Yen Carry-trading session.