The USD/JPY broke above the resistance of the daily downtrend channel (dotted red) and a wave 3 seems to be developing (purple).
The USD/JPY is showing strong bullish momentum, potentially as part of multiple wave 3’s. The current wave 3 (brown) could still push higher if price is able to break above the top and 200% Fibonacci target (blue arrow). If a retracement does occur, then the wave 4 (brown) usually turns at the 23.6% or 38.2% Fibonacci level (green arrows).
USD/JPY, H4
USD/JPY, H1
