The USD/JPY is building a bullish retracement back to the resistance trend lines and Fibonacci levels of wave B, which are key bounce or break zones.
The USD/JPY could make a bearish turn at the resistance zone if the wave patterns play out as expected via a potential wave ABC (blue) within wave Y (purple)
The USD/JPY is building a bullish channel. A break below the channel could indicate the end of the wave B whereas a break above the resistance could make it less likely. A break above the 100% Fib invalidates the ABC.
