The USD/JPY turned at the 61.8% Fibonacci retracement and resistance level of wave B (red) vs A. The bearish bounce could be part of a larger ABC (red) zigzag pattern within a larger wave E (purple) triangle on the daily chart. A break above the 100% Fib level however would invalidate the ABC pattern whereas a break below support (blue) could confirm it.
The USD/JPY seems to have completed 5 bullish waves within the impulsive wave C (orange) if price manages to stay below the Fib levels of wave 1 vs 2 (orange). A break above the resistance trend line (red) could indicate a larger correction within wave 2 (orange) as long as price stays below the 100% Fib.
