The USD/JPY remains in an uptrend channel, although price action is becoming choppier and more corrective. A bullish break above the previous top at 111.40 could confirm the wave Y (pink) whereas a bearish break below the support trend lines (blue) could indicate an expanded wave X (pink) at a lower spot.
The USD/JPY could move up to the Fibonacci targets if price bounces at the support zone (blue). For the moment, that does seem the most likely scenario when taking into account the uptrend. However, a break below 110.50 would seriously challenge this particular market structure.
