the USD/JPY finally made a bullish continuation towards the next round level target at 112.50 but the breakout candle failed to close above the previous top (red). What is next for the USD/JPY?
The USD/JPY will need to re-break above the 112-112.25 resistance zone before a bullish continuation is likely. The next target could be the Fibonacci levels of wave X vs W. If price manages to break below the support trend line (blue), then the uptrend could be over and a larger bearish retracement would be the most likely scenario.
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Good trading, Chris Svorcik Elite CurrenSea