the USD/JPY is building a bullish trend channel. A continuation within the channel could indicate one push higher towards the 110 resistance level whereas a strong break below the support of the channel could start a larger bearish retracement.
The USD/JPY is either expanding the wave 5 (pink) within wave 1 (purple) or price has already completed wave 1 and price is now ready for a retracement in potential wave 2 (purple).
The USD/JPY seems to be building a bearish ABC (blue) pattern on the 1 hour chart. Price could be in a wave 4 (purple) as long as price stays above the 50% Fib support. A break below the 50% Fib makes a wave 4 less likely whereas a break above the resistance trend line (red) could confirm the last push within wave 5 (purple) of wave 5 (pink).
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Good trading, Chris Svorcik Elite CurrenSea
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