USD/JPY Uptrend Tests Fibonacci Levels Of Wave 4
USD/JPY
4 hour
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The USD/JPY bullish breakout is building a bearish pullback, which seems to be a larger ABC (purple) zigzag pattern. An uptrend continuation is likely if the price is able to break above the previous top. In that case, one of the targets could be the -27.2% Fibonacci level at 113.25.
1 hour
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The USD/JPY has made a bearish retracement back to the potential Fibonacci retracement levels of wave 4 (blue). A bullish bounce at these Fib levels could confirm the end of a wave 4 pattern and the start of a wave 5 whereas a bearish break below the 61.8% Fib and channel would make such a bull continuation unlikely.
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