The USD/JPY bounced at the 50% Fibonacci retracement level and support trend line (blue) near 109. Price is now breaking to the upside but a key resistance trend line still stands in the way.
The USD/JPY needs to make one more bullish breakout before the continuation of the expected WXY (purple) correction will most likely take place.
The USD/JPY broke above the resistance trend line after bouncing at the 50% Fib. Price could now be starting an ABC within wave Y if it manages to stay above the support trend line (blue).
