USDJPY - Currently at a crucial level

This pair is now at a level where potential shorts can be initiated. My initial thoughts are that we have formed a point C after rejecting off the 0.50 fib retracement level of the larger AB boundary and we should be looking to form new Higher Highs in 2017. In the meantime, a retracement is clearly needed, with critical levels being mapped out on this chart to help with intraday trades.

Please feel free to leave you opinion on this chart as the purpose of my last 5 post have been to engage into conversation with you guys