The USD/JPY is probably building one more bearish swing in the wave 2 (purple) correction. Eventually price is expected to start an uptrend once the bearish waves Y (purple/pink) are completed. For the moment, price is expected to make at least one more lower as part of a wave A (blue) or C.
The USD/JPY seems to have completed a bullish ABC (orange) pattern within the wave 4 (green) correction at the 23.6% Fibonacci retracement level of wave 4 vs 3. Now a bearish breakout below the support trend line (blue) could take place but a failure of price break below it could indicate a deeper pullback to the 38.2% Fib. The main target are the Fibonacci levels of wave 5 vs 1+3.
