the USD/JPY seems to be completing a final push lower of a bearish ABC (blue) correction within a wave 4 (purple) retracement.
The USD/JPY could soon complete a wave C (blue) if price manages to stay above the Fibonacci retracement levels of wave 4 vs 3. A bullish bounce and break confirms (green check) the uptrend continuation whereas a break below the 61.8% Fib invalidates (red x) the current wave outlook.
The USD/JPY seems to be building an ABC flat pattern (blue). The current final wave C therefore should have 5 waves down. A bullish bounce could confirm the end of the wave 5 (green) and the start of the bullish wave 5 (purple) unless price manages to break below the 61.8% Fib (red x).
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