USD/JPY Testing Fibonacci Resistance Levels of Wave B
4 hour
The USD/JPY has indeed made a pullback to the Fibonacci retracement levels of wave B vs A (purple). A bearish breakout below the support trend line (blue) could confirm the continuation of wave Y (pink) of wave E (purple), whereas a bullish breakout would invalidate this pattern, and would indicate a potentially larger wave X (pink) correction.
1 hour
The USD/JPY seems to be building a bullish ABC (blue) zigzag corrective pattern within wave B (purple). If the ABC is correct, then the price is expected to bounce at the Fibonacci levels of wave B (purple), and then break below the support trend line for a bearish breakout.
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