The USD/JPY is showing a consolidation pattern as price is respecting the support (blue) and resistance (red) trend lines. A bearish ABC zigzag seems the most likely pattern at the moment.
The USD/JPY bearish breakout could confirm the expected ABC (pink) within wave E (light purple). A bullish breakout could still be an expanded wave B (pink) unless price breaks above the previous top of wave D (purple).
The USD/JPY is awaiting a breakout before a larger push up or down is possible.
