The USD/JPY broke below yesterday’s rising wedge reversal chart pattern and is now building a bearish channel.
The bearish correction could be part of a larger WXY (purple) correction. The Fibonacci levels of wave X (purple) could therefore act as potential support levels for a bullish bounce.
The USD/JPY is building a correction within the wave X (purple). Price seems to have completed a bearish ABC and price is now testing the resistance trend line of the bearish channel.
