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The USD/JPY seems to have bounced at the 38.2% Fibonacci support level. The bullish bounce could indicate the end of the bearish ABC.
USD/JPY
4 hour
The USD/JPY seems to have bounced at the 38.2% Fibonacci support level. The bullish bounce could indicate the end of the bearish ABC (purple).
The USD/JPY could be building an expanded WXY (pink) correction within wave B (red). A bullish breakout above the resistance trend line (red) would make the continuation within wave X (pink) likely.
1 hour
The USD/JPY seems to have completed a bearish wave 5 (orange) within wave C (purple) of wave W (pink). The current bullish impulsive price action is probably a wave A (purple) of the larger wave X (pink).
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