You're really improving as far as realism goes, but as you know, you have much to work on. First thing I notice is the outline of the chin and jawline...neither the shading or the shape is smooth. I recommend you do the dark parts of the neck and hair first, THEN go back and use an eraser to clean them up before carefully penciling in the shading next time. The left side juts out from her face, giving it a strange effect, and the right side is drawn too wide. (Wide jaw lines are a habit you've developed from anime drawings. )

The eyes are gorgeous, you did a great job with them. =Jucali is right--the necklace is a bit flat. I know you can get very excited when a drawing is turning out how you want, but you can't let that rush you to finish it. I can tell you from personal experience that I've spent 2 hours on a square inch after finishing a large portrait, and though it kills you from anticipation, you can't let it drag down the final piece.

I see you used an eraser to draw in the light hair. Great job using that technique, it's one of my personal favorites. However, when you do that, you should go back over it with a sharp pencil to make the strands really stand out. Also, you could do that technique in the darker hair area in the lower left and right corners to add more dimension. You can also use a tissue to softly smudge any parts that are not in focus in the reference photo.

As for her lips, they're a bit flat. I see what you did, but it might be more beneficial to draw tons of thin lines to follow the...err...grain?...of her lips, THEN go back over it with the eraser to gloss them to shine.

And I hate to say this again, but my art teacher always said this to me: Contrast, contrast, contrast! Make the lightest parts WHITE and the darkest parts BLACK as necessary in the reference.

Overall, great job! You're improving so much!

You know I'm not expert in pencil drawing (that's what you got Brian for) but let me tell you that you're really improving over your past work; and this is a fine drawing you have here, which really captures the viewer's eye.

Your technique has definitely improved, with a lot more attention to detail and noticeable progress in drawing hair and shading, great job on the eyes and the hair decoration on the left (of her face).

However, you still need to pay more attention to detail and proportions. For example, the necklace is too flat, I think you needed to emphasize the shading more, so it'll stand out more; also, I don't know how was your reference photo, but the necklace looks too small when compared to the rest of the elements in the portrait.

In proportions, I believe you have to work more on how lopsided the face is; personally I believe the left side of her chin is too big, even considering the angle, as well as the shadow outlining of her left chin needs some refining, because part of the shadow cut right into where her face would be.

I'd like to see you take a shot at a different drawing style, so far your realism work have been portraits up close; and I think it'll be worth it to jump into a different style as part of learning more techniques and broadening your vision.