The USD/JPY bullish breakout above the resistance trend line (dotted red) indicates that price is most likely continuing within the wave D (purple). The correction will probably unfold via a WXY (purple) correction within wave Y (pink).
The USD/JPY bounced at the support trend line which was probably a wave 4 (green) correction. The current bullish momentum could be a wave 5 (green) of wave C (blue) and it could be aiming for the Fibonacci targets of wave C (blue). This could complete the first leg (wave W) of the larger wave Y correction (pink 4 hour chart).
