4 hour
The USD/JPY could be building a bigger bullish breakout if it manages to push above the resistance trend lines (red).
1 hour
The USD/JPY breakout seems to have completed wave 1 (blue) and the retracement could be part of wave 2 (blue). The alternative is that price is now completing a wave 4 (green) rather than a wave 2 (blue).
4 hour
1 hour
Origin: Admiral Markets
