USD/JPY Bullish Breakout, Pullback and Continuation Pattern

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The USD/JPY showed a bullish breakout yesterday above the resistance trend line (dotted orange) but price failed to break the channel resistance (red). The USD/JPY however could now be building a bearish pullback with the bullish trend as indicated by the blue lines. A new bullish breakout could indicate the possibility of a continuation towards the -27.2% Fib target.

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The USD/JPY has probably completed a wave 3 (orange) and price is correcting within wave 4. This is valid as long as price stays above the 61.8% Fib otherwise a different wave pattern is taking place.

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Origin: Admiral Markets

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