The USD/JPY price action is showing strong bullish momentum breaking through multiple layers of resistance levels (dotted red). The current bullish move could make a retracement after hitting the 61.8% Fibonacci retracement level.
The USD/JPY bullish momentum could be part of a larger wave A (blue) of a wave B (pink) unless price manages to break above the 78.6% and 100% Fibonacci levels. In that case a different wave pattern is taking place than the expected ABC bearish zigzag (pink).
The USD/JPY is building a neat bullish trend channel that is now reaching key Fib levels.