I wrote this in the EUR/USD forum but I thought post it here as well. It's quite possible a new low in the USD/JPY is coming. The Dow's decline is now catching up to the other indices. The Nasdaq Comp and 100 broke their January lows last week and this morning the S&P broke its January low. I don't see much of anything holding these indices up except the divergence of the Dow not breaking its Jan. lows. In my opinion, this puts downward pressure on the USD/JPY, and support the dollar's 4th wave outlook I have. So a new dollar low may be coming upon us. Here's the post from the EUR/USD forum

I'm watching intensely is the USD/JPY which has a correlation to the stock market. Not much anymore, but still a little bit. That pair falls in line with the other dollar pairs in that it appears to be in a 4th wave and will make a new low. The stock market is acting crazy, with the S&P and Nasdaq getting hammered while the Dow is strong. The stock market needs new lows to form a temporary bottom. So that goes in line with the USD/JPY making a new low as well, and I don't see the USD/JPY making a new low while the dollar goes on a huge rally across the board.