the USD/JPY broke above the resistance trend line (dotted red) which could indicate an uptrend correction or a wave B (pink) pullback. The key level to monitor is the 138.2% Fibonacci retracement level at around 109.60. A bullish break invalidates this wave pattern.
The USD/JPY bearish bounce however could indicate a deeper bearish retracement within wave 2 (purple), as long as price stays above the previous bottom (green line).
1 hourwave B (purple).
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Good trading, Chris Svorcik Elite CurrenSea
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