The USD/JPY bullish bounce could indicate that a bearish wave A (purple) has been completed and that the price is ready to retrace within a wave B (purple). A bearish ABC (purple) could take the price down to the Fibonacci targets to complete a wave Y (pink), a wave E (purple), and of a wave B (red).
The USD/JPY has completed 5 bearish waves, which seems to be part of a wave A (purple). The price could now be building an ABC corrective pattern within wave B (purple). A bearish bounce at the Fibonacci retracement levels of wave B vs A could confirm a next bearish swing unless the price manages to break above the resistance trend line (red).
