4 hour
The USD/JPY is approaching the support trend line (blue) of the uptrend channel (blue/resistance).
A bearish break could start a larger bearish correction where as a bullish bounce could extend the 5th wave (brown).
1 hour
The USD/JPY wave count will depend on whether price bounces at or breaks through the support trend line (blue). A bounce could indicate that a wave 4 (grey) is still uncompleted. A break means that wave 4 and 5 (grey) are finished.
Origin: Admiral Markets
