The USD/JPY has broken above the resistance trend line (dotted red) which indicates that the bearish ABC has been completed. The USD/JPY could be ready for a bullish move within wave D.
The uptrend channel could provide support for a bullish continuation. A bearish break below the channel could be a warning sign for bulls but if price manages to break above 110 (orange), then a new bullish continuation is expected.
The USD/JPY could be building an expanded bullish correction via a WXY (pink). A bearish retracement could see price test the Fibonacci support levels of wave X (pink).
