Meta description: The USD/JPY is building strong bullish momentum and price could continue towards the -61.8% Fibonacci target via a wave 3 (blue). One more higher high is possible if price builds a sideways corrective pattern.
USD/JPY
4 hour
The USD/JPY broke above the 109-round level which made the previous wave structure unlikely. Price could instead be building a triangle pattern on the higher time frames and there is a chance that price is now building a wave D (purple) of that triangle. The 38.2% Fib is around 110 and could be the first resistance level where price might make a bearish retracement.
1 hour
The USD/JPY is building strong bullish momentum and price could continue towards the -61.8% Fibonacci target via a wave 3 (blue). One more higher high is possible if price builds a sideways corrective pattern.
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