the USD/JPY made a bounce at the support trend line (blue), which could indicate a completed bearish ABC (blue) correction. Price will however need to break above the resistance trend line (red) to confirm a full trend continuation.
The USD/JPY bullish breakout could confirm a potential wave 3 (purple) impulse towards the Fibonacci targets of wave 5 vs 1+3. In that case price will continue higher within the uptrend channel. However, a bearish breakout below the support (blue) of the bullish channel could indicate failure of the uptrend and potentially a larger reversal.
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Good trading, Chris Svorcik Elite CurrenSea