The current wave structure is vulnerable to change as the overall price movement remains corrective. The trend lines indicate a potential for a bear flag. Price should at least break above the resistance (red) to confirm the potential for a wave 1-2 to emerge.
The USD/JPY bounced again at the support level (green) and, despite the break out of the uptrend channel, would require a break below the support before a bigger correction or reversal can take place.
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