the USD/JPY made a bullish bounce at the support trend line (blue), which could indicate the end of a wave 4 (pink) retracement. Price needs to break above the resistance level to confirm the uptrend continuation.
The USD/JPY could be building a larger uptrend within wave 3 (light purple) but the main confirmation occurs if price is able to break above the channel resistance (red line). A break below the support trend line (blue) and 61.8% Fibonacci level of wave 4 vs 3 invalidates the current wave outlook and makes a deeper bearish retracement more likely.
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Good trading, Chris Svorcik Elite CurrenSea