The USD/JPY tried to break below the support trend line (green) of the uptrend channel but ultimately failed and the uptrend is back into play. The bulls could be aiming at the Fibonacci targetsat 113.75 or 115.
The USD/JPY ultimately moved back into the uptrend channel and is now already reaching the top and resistance spots of the channel due to the strong bullish momentum. The channel top and 161.8% Fibonacci level could be the next decision zone.
The USD/JPY seems to have completed an ABC (green) correction within the wave 4 (blue). Price broke above the resistance trend lines (dotted orange) and continued with the uptrend. The strong momentum indicates that a shallow retracement could indicate a bullish continuation
