The USD/JPY could now be moving up higher as part of a wave E (purple) of a waveB (pink), which is part of a larger bearish ABC zigzag pattern (pink). Any of the Fibonacci retracement levels could be bouncing spots for a reversal but a break above the 100% Fibonacci level invalidates the bearish structure.
The USD/JPY has completed a bearish ABC (green) within wave D (purple) and is now expecting a bullish ABC zigzag pattern within wave E (purple). The Fibonacciretracement levels are key resistance.
