The USD/JPY is now trying to break below the support trend lines (blue/green) but has not managed as yet. The failure to break the 114.50-115 resistance zone so far could be an early indication that wave 1 or A (light purple) has been completed. A bearish break could start a potential wave 3 (pink).
The USD/JPY is behaving choppily on this 1 hour chart and is building a very corrective pattern. Price will need to break the support (green) or resistance (orange) of the wedge before a larger breakout is possible.
Origin: Admiral Markets