4 hour
The USD/JPY has broken above the resistance trend lines (dotted) after completing wave 3 (orange).
The bullish price action could still be part of a wave 4 (orange) as long as price stays below the 61.8% Fibonacci level.
1 hour
The USD/JPY could be building an ABC (purple) correction within wave 4 (orange). The resistance top (red) at 112.50 is a key resistance level for wave 4.
Origin: Admiral Markets
