The USD/JPY is show a low level of bearish momentum and was (so far) unable to break the bottom (solid green). Unless price break below the bottom it seems more likely that price can make a bigger bullish retracement as part of wave Y (blue) of wave X (brown).
The USD/JPY seems to have completed two bearish ABC zigzags and could now be building a bullish ABC within wave Y (blue) unless price breaks the bottom.
USD/JPY, 4 hour
USD/JPY, 1 hour
Origin: Admiral Markets
