The USD/JPY bounced at the key support trend line (blue) of the bullish channel and price is now retesting the resistance trend line (red) from the previous top. A bullish breakout could indicate the continuation of the bullish channel towards 111.50 which is where the 50% Fib is located.
The USD/JPY broke above the resistance trend line (dotted red) for a bullish breakout. Price will now test the previous top which is a new bounce or break spot. Sideways price action could indicate a continuation chart pattern.
