the USD/JPY remains in an uptrend channel after bouncing at the bottom and support (blue line) line. Price now needs to break above a resistance trend line (red) to confirm the uptrend and bullish continuation.
The USD/JPY bullish break could see price move towards the top of the bullish channel and the Fibonacci targets of wave 5 vs 1+3. This breakout could be part of an impulsive third wave (purple) whereas a bearish breakout could indicate a pauze or end of the uptrend.
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Good trading, Chris Svorcik Elite CurrenSea