4 hour
The USD/JPY bullish channel could indicate the completion of wave 2 or wave B (purple) at the 50% Fibonacci level. The key level is the 50% Fib 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 50% Fib of wave X vs W.
4 hour
1 hour
Origin: Admiral Markets
