The USD/JPY made a bullish bounce after showing a new low and hitting the support trend lines, which seems to indicate a completed wave A (red) and the start of a new wave B (red) correction.
A bullish breakout above the resistance trend line (red) would confirm the development of a wave B (red) whereas a bearish breakout below the support trend lines (blue) indicates an extension of the wave A (red).
The USD/JPY seems to be building a bullish ABC (orange) correction within wave B (red) after completing 5 bearish waves (orange) within wave A (red). A break below the 100% Fibonacci level invalidates the wave B (orange).
