The USD/JPY is building a bullish trend channel but price needs to break above the key resistance trend line (red) before a larger uptrend continuation can take place.
The USD/JPY could be in a wave Y (pink) correction as long as price stays above the support trend lines. A bearish breakout could indicate an expansion of the wave X (pink).
The USD/JPY completed a bullish ABC (blue) zigzag correction but a continuation is likely at the moment, which could be explained by an expanded WXY (purple) correction.
