The USD/JPY broke below the support trend line after failing to break the previous top. The strong momentum could indicate a larger bearish correction.
The USD/JPY is probably expanding a larger WXY correction (purple) within wave X (pink).
The USD/JPY could also have completed the wave D at the previous high but that seems less likely. Price is probably building a wave 3 (purple) within a wave A – see on the 4 hour chart – after breaking below the rising wedge chart pattern.
