The USD/JPY made a deep bearish retracement back to the bottom of the uptrend channel. Price will now need to bounce or break at the support trend line (green).
The USD/JPY reaction at the decision zone will indicate whether price can continue higher within the uptrend channel or whether a larger reversal could take place.
The USD/JPY seems to have completed a bearish ABC (orange) correction within wave 4 (green) at the 50% Fibonacci retracement level. Price bounced at the support trend line (green) and is now challenging a critical resistance trend line (red).