4 hour
The USD/JPY is probably continuing with an ABC zigzag (brown) towards the 50% Fibonacci support level of wave 4 vs 3 (purple).
Currently price action is building a sideways zone, which is indicated by the trend lines: support (green) at 110 and resistance (orange) at 112.
1 hour
The USD/JPY is in a neat downtrend channel (orange/blue) that is testing a larger support (green) trend line. A break of that support zone could see price move lower towards the Fib targets whereas a break above resistance (orange/red) could indicate that wave 5 (orange) has been completed.
Origin: Admiral Markets
