4 hour
The USD/JPY made a bearish bounce at the strong horizontal resistance level (red). This could indicate the start of a wave 2 (brown) or alternatively a wave B (green).
The correction could unfold via an ABC (blue) and therefore the Fibonacci levels of wave B vs A could act as resistance.
1 hour
The USD/JPY is in a wave B (blue) unless price manages to break above the 138.2% Fibonacci level. A break below support (green) could see price make a bearish breakout within wave 2 (brown).
