The USD/JPY broke below the bottom (green line), which confirmed the continuation within C (blue). Price is still in a downtrend as long as price stays below the resistance trend lines (orange) and a new bearish breakout could see price fall towards the Fibonacci targets.
The USD/JPY is probably building an ABC zigzag pattern (blue) within a larger WXY (pink) correction of a larger potential triangle on the daily chart – the wave D (light purple). The 50% is at 108 but a bearish break could see price test the 61.8% Fib at 107.25.
The USD/JPY broke below multiple support trend lines (dotted green) for a bearish breakout and continuation. Price could now be building a wave 4 (green) correction, which means that price could find resistance at the Fibonacci levels of wave 4 vs 3. A bearish breakout below the next support could a fall towards the Fibonacci targets.
