The USD/JPY is breaking above a key resistance trend line (dotted red) which could indicate a bullish breakout within wave Y (pink).
The USD/JPY remains corrective and choppy when reviewing recent price action but the bullish channel seems to be a serious challenge for resistance. A breakout could indicate and confirm the end of wave X (pink) and the bullish continuation within wave Y (pink).
The USD/JPY seems to be building a potential double zigzag with two ABC patterns fitting in a larger WXY (purple) correction. A bearish retracement could bounce at the Fibonacci levels of wave B (blue).
