The USD/JPY broke below the support trend line (dotted blue) of the uptrend channel after failing to break above the previous top at 111.40. Price is probably expanding the wave X (pink) correction but price would need to break below the next support trend line (blue) to confirm this wave pattern.
The USD/JPY seems to be building 5 bearish waves which could be part of a wave A (blue). A break above the channel could indicate a wave B (blue) retracement if price respects the Fibonacci retracement levels. A break above the 100% Fib invalidates the ABC pattern.
