The USD/JPY is breaking above the resistance trend lines but ultimately still faces a hefty resistance zone at the 50% Fibonacci retracement level, which will be a key decision zone for a bearish bounce or bullish breakout.
The USD/JPY is expected to bounce and then break below the support trend line (blue) if indeed a wave C (pink) pattern is taking place.
The USD/JPY is expected to be in a wave 4 (purple) at the moment. Price would confirm this wave pattern if it manages to break below the support trend lines. A break above the 61.8% Fibonacci level makes this wave pattern unlikely and could indicate a different wave pattern, such as a potential triangle chart pattern on the 4 hour chart.