the USD/JPY bearish momentum broke the support trend line (dotted blue) and is aiming for the Fibonacci targets of wave 5 (blue).
The USD/JPY bearish push lower could be part of a larger ABC flat (purple) correction. If price shows a strong bullish bounce, then it could indicate the end of the wave B (pink) pattern. But keep in mind that the wave 5 (blue) can extend the 5th wave with 5 internal waves.
The USD/JPY seems to be building a wave 4 (orange) pullback as long as price respects the Fibonacci retracement levels of wave 4 vs 3. A bullish break above the 61.8% Fib and downtrend channel invalidates (red x) the current wave outlook whereas a bearish breakout cold confirm (green check) the downtrend continuation.
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