The USD/JPY made a bullish bounce after a retracement within the uptrend channel. The bullish continuation within the uptrend channel is now challenging the resistance trend line again.
The USD/JPY is now at a key bounce or break spot which is resistance line (orange) of the channel. A bullish continuation could see be aiming for the Fibonacci target whereas a retracement could see price return to the support trend line (green).
The USD/JPY seems to be building a 5 wave (orange) pattern after breaking above the resistance trend lines (dotted red) and could now be bouncing at the Fibonacci levels of wave 4 (orange).
