4 hour
The USD/JPY downtrend broke below the support trend line (dotted green) and could continue towards the Fibonacci targets of wave 5 (orange).
The 110 round level is also a potential support level where price could build a bullish retracement.
1 hour
The USD/JPY bearish breakout could be extending the wave 5 (orange) as long as price stays below resistance (red/orange). A break above the bottom of wave 1 (orange line) invalidates wave 4 after wave 3 (grey) is completed.
Origin: Admiral Markets
