Daily chart:
The USD/JPY bullish momentum is either part of a wave A (dark green) or wave 1 (light green). In both cases a bearish retracement (wave 2/B) could take place before a 3rd bullish wave occurs.
Weekly chart:
The USD/JPY is in a larger triangle chart pattern with support (blue) and resistance (brown/red) nearby. The wave B (red) could (soon) be completed from a Fibonacci time perspective as well.
Monthly chart:
The USD/JPY is looking for a breakout of the triangle pattern.
Daily chart
Weekly chart
Monthly chart
Origin: Admiral Markets
