The USD/JPY is building a rising wedge reversal chart pattern. A break below the support trend line could confirm the bearish breakout and end of wave B (pink).
The USD/JPY bullish breakout above the 88.6% Fibonacci retracement level would make a wave B (pink) pattern less likely whereas a break above the 100% Fib level invalidates this pattern. The bearish breakout could be part of a larger bearish ABC (pink) in wave E (purple).
The USD/JPY is building a contracting triangle chart pattern and is awaiting a breakout north or south. The breakout direction will determine the next trend. A bearish breakout would be aiming for the Fibonacci targets.
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