The USD/JPY uptrend is building a retracement with a contracting triangle chart pattern. A break above the resistance level (red) could see price continue towards the Fibonacci targets.
The USD/JPY seems to be building a wave 1 and 2 (green) within the uptrend. A break above the resistance trend line (red) could see price continue towards the Fibonacci targets. A break below support (green) and the Fibonacci levels would invalidate the wave structure.
4 hour
1 hour
Origin: Admiral Markets
