4 hour
The USD/JPY could have completed wave 3 (brown) due to the bearish engulfing twins, which is the candlestick pattern that emerged near the 112 resistance.
Price could now be building a potential wave 4 (brown) retracement if price stops at one of the shallow Fibonacci levels (23.6-50%).
1 hour
The USD/JPY has already made a retracement to and bounce at the 23.6% Fibonacci retracement level of wave 4 (brown). A break below the support trend line (green) could see a larger retracement unfold.
