The ABCDE (purple) triangle chart pattern could be part of a larger bearish ABC (pink) wave pattern.
The USD/JPY is either showing a wave C (blue) as shown in the image or the alternative wave pattern for this bullish momentum could be a wave 3. A bearish bounce at the 88.6% Fib and break below the uptrend channel could indicate the end of the wave 5 (green) of wave C (blue) and the start of a bearish swing.
