4 hour
The USD/JPY was unable to break above the resistance trend line (red) of the larger triangle pattern. Price needs to break the support or resistance before a larger breakout is possible.
1 hour
The USD/JPY did break above the resistance (dotted orange) trend line but no momentum entered the market and price action remains corrective. A bullish breakout is needed before a wave 3 (green) is possible. A break below support makes this wave pattern less likely.
4 hour
1 hour
Origin: Admiral Markets