the USD/JPY remains in an uptrend channel after bouncing at the bottom and support (blue line) line. Price now needs to break above a resistance trend line (red) to confirm the uptrend and bullish continuation.
The USD/JPY bullish break could see price move towards the top of the bullish channel and the Fibonacci targets of wave 5 vs 1+3. This breakout could be part of an impulsive third wave (purple) whereas a bearish breakout could indicate a pauze or end of the uptrend.
1 hourThe USD/JPY seems to have completed a bearish ABC (orange) pattern within wave 4 (green). A break above the local resistance level (orange) could start the USD/JPY upside for a wave 5 (green) of wave 3 (blue) and see price move higher towards the Fibonacci targets of wave 3 vs 1.
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Good trading, Chris Svorcik Elite CurrenSea