the USD/JPY broke above the resistance trend line (dotted red) of the downtrend with strong bullish momentum rather than a zigzag pattern. This could be a first warning of a trend change.
The USD/JPY break above the key resistance zone would invalidate the wave B (purple) pattern and could indicate a bullish breakout within a potential wave 3 (blue) towards the Fibonacci targets of wave 3 vs 1. Only a strong bearish reversal could keep the current ABC (purple) pattern alive.
1 hourThe USD/JPY wave pattern is unclear at the moment and could either be a bearish ABC (purple) correction or a bullish wave 1-2-3 (circle dark blue).
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Good trading, Chris Svorcik Elite CurrenSea