4 hour
The USD/JPY broke above two resistance trend lines (dotted) but it could be building a larger WXY (pink) correction within wave 2 or B (purple) if price stays below the 138.2% Fibonacci level of wave X (pink). Strong momentum today however could make such a wave 2/B (light purple) correction less likely.
1 hour
The USD/JPY bullish break above the resistance trend line (dotted red) could be part of a bullish wave C (purple) of wave X (pink) correction. This could be confirmed if price breaks below the support trend line (blue).
4 hour
1 hour
Origin: Admiral Markets
