the USD/JPY made a bullish breakout above the uptrend channel (dotted red), which could indicate the end of the bearish correction and the start of a new uptrend.
The USD/JPY breakout is now aiming for the previous top (red). Price will need to push above this resistance (red) too if a larger wave 3 (pink) of wave 3 (purple) is indeed correct. A bullish push will aims for the Fibonacci targets of wave 3 vs 1.
The USD/JPY seems to have completed a wave 4 (blue) pattern. If price does make a deeper retracement, then the wave 4 (blue) pattern remains valid as long as price stays above the 61.8% Fibonacci level of wave 4 vs 3. A bullish breakout is aiming at the previous top and the Fibonacci targets.
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Chris Svorcik Elite CurrenSea