The USD/JPY made a bearish bounce after reaching the -27.2% Fibonacci target at 113.23 and price is now challenging the support trend line (green). A new bullish breakout could indicate a continuation towards the -61.8% Fibonacci target whereas a bearish push could indicate the end of the bullish wave Y and the start of a bearish price swing.
The USD/JPY is either building a bearish correction, which could indicate more bullishness if price stays above the support levels and breaks above the resistance, or price is starting a new downtrend, but then price needs to break through the support.
