The USD/JPY bullish momentum is moving towards the next target at the psychological round level of 110, which is also a 38.2% Fibonacci level of the potential wave D (light purple). This could be a first resistance level where price might complete the first part of the correction (wave W pink) and make a bearish retracement.
The USD/JPY seems to have completed, as expected, wave 4 (green) correction at the previous bottom or two bottoms ago. Price is now moving higher and pushing up within a potential bullish wave 5 (purple).
