4 hour
The USD/JPY has bounced at the 23.6% Fibonacci support level. Price is now testing the resistance trend line (red) of the correction and a bearish bounce could confirm the wave X (blue) correction.
A deeper correction could be part of a wave 2 (light green) or a wave B (green).
1 hour
The USD/JPY is probably in a wave X (blue) unless price manages to break above the resistance trend line (red) and the 138.2% Fibonacci level of wave X vs W.
Origin: Admiral Markets
