The USD/JPY remains stuck in a large consolidation zone. A break above the resistance or below the support trend lines is needed before a larger breakout is likely.
The USD/JPY seems to have completed a wave C (blue) correction but price needs to break the triangle pattern (red/blue lines) before a new uptrend is possible.
The USD/JPY broke the resistance trend line (dotted orange) of the falling wedge chart pattern. It is now building an ascending wedge chart pattern. The trend lines are key and offer bounce and breakout spots but for the moment a bullish ABC seems slightly more likely.
