The USD/JPY wave 3 (purple) is part of a larger bearish correction of wave C (pink) of a wave E (purple) triangle within wave B (red).
The USD/JPY will eventually completethe wave 3 (blue) and make a bullish retracement within the downtrend. The Fibonacci retracement levels of wave 4 (blue) are expected to act as resistance. Especially the 23.6% and 38.2% Fibs are usually bouncing spots for a wave 4.
