4 hour
The USD/JPY failed to break the support zone (green) indicated by the green lines.
The bearish price action now looks like an ABC (purple) correction within wave B (orange) and price is building a wave C within wave B (brown).
1 hour
The USD/JPY bullish momentum is probably a wave 3 (purple). Once wave 3 is completed, a wave 4 (purple) correction could take place back to the Fib levels of wave 4 vs 3 which could cause a potential bullish bounce.
Origin: Admiral Markets
