4 hour
The USD/JPY broke above the resistance of the bearish channel (dotted red). The bullish breakout could indicate the completion of wave 2 or wave B (purple) as well. The key levels are the Fibs of wave X (pink) because a bearish bounce could see price fall towards the 61.8% at 110. Strong bullish momentum makes a wave X (pink) unlikely.
1 hour
The USD/JPY is either in a wave C (blue) or wave 3. A wave C is more likely if price stops at the 38.2% or 50% Fibs of wave X vs W. A key resistance level is also the 112.50 round figure.
4 hour
1 hour
Origin: Admiral Markets
