the USD/JPY broke below the support trend line (dotted blue) after making a bearish bounce within the expected wave X (pink) pattern. A bullish ABC (blue) zigzag pattern now seems completed.
The USD/JPY could be ready to build a bearish ABC zigzag within the expanded WXY (pink) correction of wave 2 (purple). The main bearish targets are the Fibonacci retracement levels of wave 2 vs 1.
1 hourThe USD/JPY seems to have completed 5 bullish waves (green/blue) within the wave C (purple). A new 5 wave pattern (blue) could emerge within the wave A (purple) of a larger wave Y (pink).
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Good trading, Chris Svorcik Elite CurrenSea